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China Shenhua Q1 net rise up 17% as coal sales rise

Posted on: April 29, 2009


Reuters – Wednesday, April 29

HONG KONG, April 28 – China Shenhua Energy Co <1088.HK> <601088.SS>, the world’s most valuable coal producer, posted a 17.2 percent rise in first-quarter earnings, fuelled by a surge in coal sales. January-March net profit was 7.94 billion yuan versus 6.77 billion yuan a year earlier.

China’s coal miners have been grappling with weaker prices as slackening industrial activity crimped coal demand in the first quarter. But analysts have turned positive on the sector as coal inventories decline and on hopes of a recovery in power demand in the world’s second-largest energy user after the United States.

Shares in Shenhua rose 6.5 percent in January-March, beating a 6 percent fall in the benchmark Hang Seng Index <.HSI>.

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