China Shenhua Energy Co., Ltd., a listed arm of China Energy Investment Corp., posted a 68.4% year-on-year increase in coal sales in April, down 23.17% on the month, the company said in a statement late May 18.
The surge is mainly due to a low base of coal sales volume in April 2019 resulted from delayed financial settlement caued by adjustment of value-added tax rate since April 2019, said the statement.
The leading coal firm produced 22.2 million tonnes of commercial coal last month, which was a 7.1% decrease compared with a year ago and a drop of 10.84% month on month.
In January-April, Shenhua's commercial coal production increased 1.3% from the same period last year to 96.6 million tonnes.
The coal giant sold 129.9 million tonnes of commercial coal in January-April, up 4.9% from a year ago.
In April, a total 13.9 million tonnes of coal was loaded at Huanghua port, down 21% on the year, while 3.3 million tonnes was loaded at Shenhua Tianjin coal terminal, falling 21.4% year on year.
The yearly slump in port shipment came as the decrease in social power consumption due to the impact of the COVID-19 resulted in insufficient demand for thermal coal. The coal shipping volumes at the two terminals have increased in May.
Over January-April, Shenhua had 58.7 million tonnes coal handled at Huanghua port (-10.2% YoY), and 14.1 million tonnes shipped through Shenhua Tianjin coal terminal (3.7% YoY).
The firm generated 9.97 TWh of electricity in April (-9.7% YoY), bringing total power generation to 37.43 TWh in the first four months this year.
Power sales in April stood at 9.32 TWh (-9.9% YoY) and totaled 35.03 TWh in January-April.
(Writing by Jessie Jia Editing by Harry Huo)
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