China Shenhua's first-half profit rises to highest in 4 years
China`s top coal miner China Shenhua Energy Co Ltd on Friday delivered its strongest interim results in four years on the back of soaring coal prices.
Shenhua`s net income rose 147.4 percent from the same period last year to 24.3 billion yuan ($3.65 billion) under China accounting standards, the highest since the first half of 2013, and in line with the company`s forecasts.
Under IFRS accounting standards, the group`s half-year net income rose to 26.3 billion yuan versus 10.8 billion yuan a year ago.
The results put Shenhua on track to become one of the most profitable public commodity companies in the A share market in Shanghai in the first half, outperforming oil giant PetroChina, Baowu Steel, based on a Reuters analysis of first-half earnings.
Sinopec, typically the highest earning listed commodity company in China, will release its interim results on Sunday.
Shenua`s bumper results also come as smaller rivals China Coal and Inner Mongolia Yitai each released their strongest results in years earlier this week.($1 = 6.6530 Chinese yuan renminbi)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)