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China Shenhua Energy's H1'19 net profit slips on lower coal sales

China Shenhua Energy Co. Ltd.'s attributable net profit in the first half slipped 1.1% to 24.24 billion Chinese yuan, or 1.22 yuan per share, from the year-ago 24.52 billion yuan, or 1.23 yuan per share.

The company previously flagged a 1% decrease in earnings due to lower coal sales and an increase in production costs of self-produced coal weighed on its results.

Revenue in the half dropped 8.6% to 116.37 billion yuan and EBITDA fell 8.9% to 47.62 billion yuan, on a yearly basis.

The company recorded other gains of 1.87 billion yuan, compared to year-ago losses of 4 million yuan.

China Shenhua's commercial coal production in the first half slipped 0.3% to 145.4 million tonnes and coal sales declined 3.6% to 217.1 Mt, on a yearly basis.

As of Aug. 23, US$1 was equivalent to 7.09 Chinese yuan.