Shenhua energy profit rises 14.6% on higher output

BEIJING (Bloomberg) -- China Shenhua Energy Co., the nation’s biggest coal producer, said profit in the first nine months rose 14.6 percent on increased output.
Net income climbed to 26.03 billion yuan ($3.8 billion) from 22.7 billion yuan a year earlier, the Beijing-based company said in a statement to the Hong Kong stock exchange on Tuesday, citing international accounting standards. Sales rose 13.7 percent to 88.15 billion yuan.

Net income climbed to 26.03 billion yuan ($3.8 billion) from 22.7 billion yuan a year earlier, the Beijing-based company said in a statement to the Hong Kong stock exchange on Tuesday, citing international accounting standards. Sales rose 13.7 percent to 88.15 billion yuan.

China’s demand for coal, used to generate about 80 percent of the nation’s power, has risen as the government’s stimulus spending drove third-quarter gross domestic product growth to its fastest pace in a year. Shenhua Energy increased coal output by 15.2 percent in the first nine months to 158.8 million metric tons, the company said on Oct. 15.

“The company achieved outstanding results in production and operation. The continuous good performance of the macro economy is favorable for coal demand,” the statement said.

Shenhua Energy’s shares have more than doubled this year, compared with a 54 percent in the benchmark Hang Seng Index. The stock fell 0.3 percent to HK$36.35 Tuesday.

Parent company Shenhua Group Corp. may report an 18 percent gain in 2009 profit as economic growth spurred consumption of the fuel, Chairman Zhang Xiwu said on Oct. 23.

The group’s net income may climb to 45 billion yuan while revenue is likely to increase 14 percent to 160 billion yuan, Zhang said at the time.

Coal-field acquisitions

Shenhua Energy may pursue domestic and overseas acquisitions, focusing on large-scale integrated coal fields, Zhang, who is also chairman of the Hong Kong listed company, said in March.

The coal producer had submitted a “competitive bid” for the Tavan Tolgoi mine in Mongolia, President Ling Wen said in September. The Mongolian government is assessing bids from about 10 international companies, Ling said then.

Mongolia may choose at least one partner for the $2 billion Tavan Tolgoi coal project and will give priority to bids that offer to develop the mine’s infrastructure, Mongolian Deputy Minerals and Energy Minister Baldanjav Ariunsan said last week at a conference in Tianjin. A decision may be expected by this year, according to the government official.

Shenhua Energy’s first-half profit gained 14.2 percent from a year earlier to 16.9 billion yuan, the company said in August.

Shenhua Energy plans to spend 148 billion yuan to double its output by 2015, the South China Morning Post reported on Aug. 17, citing Company Secretary Huang Qing. This includes the construction of two mines at a cost of 100 billion yuan in Inner Mongolia and Shaanxi provinces, the newspaper said.

Source:Bloomberg News

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