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China Shenhua's Q1 net profit down 28.3% YOY to 4.74B yuan

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China Shenhua's Q1 net profit down 28.3% YOY to 4.74B yuan

saidApril 29 that its profit attributable to equity holders for the first quarter dropped28.3% year over year to 4.74 billion Chinese yuan from 6.61 billion yuan.

EPS was23.8 fen per share, compared to 33.3 fen per share posted a year ago.

Revenueswere down 4.6% year over year to 39.40 billion yuan, as sales prices of coal andpower, and volumes in the company's materials trading business declined.

Net cashgenerated from operating activities increased 45.2% to 15.23 billion yuan. Interestincome was down 46% year over year to 102 million yuan on a lower deposit rate.

Financecosts increased 37.3% to 1.32 billion yuan due to exchange losses in yen-denominatedborrowings, the company said.

The productioncost of coal was down 3.4% to 112.6 yuan per tonne as China Shenhua increased productionvolumes.

The companyproduced 71.3 milliontonnes of coal in the first quarter, up 2.9% from a year ago.

Coalsales rose 27.1% to 92.5 million tonnes, among which coal exports jumped 133.3%year over year to 700,000 tonnes.

The companyexpects coal demand to enter the low season in the second quarter and coal supplyto be "sufficient" in the second half. China Shenhua alsosaid it will continue to focus on growing its seaborne coal segment for the remainderof the year.

As of May 2, US$1 was equivalentto 6.47 Chinese yuan.