China Coal Energy H1 net profit up nearly 76% on yr Company,  Cost & Profit 2022-08-26 14:50:50

State-owned coal miner China Coal Energy's net profit surged 75.66% in the first half of 2022 from a year earlier amid a solid increase in coal sales income, according to its semi-annual report released on August 25.

Net profit grew to 13.38 billion yuan ($1.95 billion) in January-June. Revenue of the company was 118.04 billion yuan in the first half, a 15.5% rise from 15.86 billion in the same period of 2021.

Profit attributable to the equity holders of the company was 14.53 billion yuan, soaring 69.5% on the year. Basic earnings per share of the company amounted to 1.10 yuan, representing a year-on-year increase of 0.45 yuan. EBITDA was 29.076 billion yuan, a 45.9% jump.

By industry, in the first half of 2022, the operating revenue of coal business was 101.83 billion yuan, up 17.3%; operating revenue after inter-segment transactions was 96.75 billion yuan, up 16.6% from 82.976 billion in the first half of 2021.

Coal chemical business achieved operating revenue of 12.40 billion yuan, an increase of 16.3%; operating revenue after inter-segment transactions was 12.16 billion, up 16.0%, mainly due to increased sales price of coal chemical products.

Coal mining equipment business achieved revenue of 5.42 billion yuan, up 9.2% year on year; operating revenue after inter-segment transactions was 4.76 billion yuan, up 7.4%. The increase in revenue was mainly due to the further optimization of the product structure and the increase in demand for related products driven by the intelligent upgrading and transformation of coal mines.

(Writing by Alex Guo  Editing by Harry Huo)
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