China Shenhua net profit up 22.8%
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China Shenhua's net profit rose 22.8 percent in 2010. |
China Shenhua Energy Company Limited (CSEC), one of China's major coal producers, announced its preliminary financial results for 2010 on Wednesday. Net profit attributable to shareholders rose 22.8 percent year-on-year to 37.188 billion yuan.
CSEC's operating revenue reached 152 billion yuan, up 25.3 percent from 2009. Earnings per share were 1.87 yuan.
At the end of last year, CSEC's total assets stood at 339.2 billion yuan, up 9.3 percent year-on-year. Its liabilities totaled 111.2 billion yuan, down 2.2 percent from 2009.
According to data released earlier by CSEC, it sold 293 million tons of coal in 2010, up 15.1 percent from the 254 million tons sold in 2009. But the company's coal exports fell by 24.3 percent to 10.3 million tons.
Last December, CSEC said it planned to spend 8.7 billion yuan to acquire mining and electricity assets from its parent, China Shenhua Group. The transaction will boost CSEC's total coal reserves by 3.7 billion tons and its minable volume by 2.43 billion tons.
China's business press carried the story above on Wednesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
