China Shenhua posts 2.6 pct slide in 2018 profit

China coal

China Shenhua Energy Co., Ltd., the flagship of China Energy Investment Corporation or CHN Energy, registered a year-on-year drop of 2.6% in net profit to 43.867 billion yuan ($6.5 billion) last year, the company said in its annual report on March 23.

Total revenue in 2018 grew 6.2% from a year ago to 264.101 billion yuan, the report said.

China Shenhua, the largest listed coal company in China and globally, achieved coal sales of 460.9 million tonnes and commercial coal output 296.6 million tonnes in 2018.

The company aims to produce 290 million tonnes of commercial coal, and sell 427 million tonnes of coal and 143.1 TWh of electricity in 2019.

It also expects revenue to reach 221.2 billion yuan this year.

China Shenhua possesses high quality coal resources in Shendong, Zhunger, Shengli and Baorixile mining areas. It had 14.95 billion tonnes of recoverable coal reserves as of December 31, 2018.

Installed power generating capacity reached 61,849 MW by the end of 2018, while total power output dispatch hit 267.59 TWh in 2018, the company said.

Source: SX Coal