China Shenhua Energy Co., Ltd., a listed arm of China Energy Investment Corp (CHN Energy), foresaw a 15% yearly drop in net profit to 20.7 billion yuan in the first half of this year, the company said in a statement late July 30.
The earnings deducting non-recurring losses and gains came in at 20.4 billion yuan during the period, falling by around 10% from the year prior.
The lowered expectation was because the group's sales of coal, power and coal chemical products and rail cargo shipment all decreased, and average sales prices of coal and coal chemical products declined due to the Covid-19's hit to domestic economy.
China Shenhua is the largest coal listed company in China and even the world based on its sales scale, and it owns Shendong, Zhunger, Shengli and Baorixile high-quality coal mining fields.
As of end-2019, it had 30.0 billion tonnes of recoverable coal reserves, and controlled and operated large-scale clean coal-fired power generating units with capacity totaling 31.03 GW.
Its operating revenue from coal, power, transport and coal chemical businesses accounted for 54%, 15%, 30% and 1% of the total in 2019.
(Writing by Tammy Yang Editing by Jessie Jia)
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