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China's coal companies estimate H1 profits to double YOY

More than half of China's 37 listed coal companies estimated that profits during the first half of 2017 would double year over year, Xinhua News Agency reported Aug. 6.

Attributing financial gains to improved coal prices, China Shenhua Energy Co. Ltd. announced a 147% year-over-year jump in its profit during the first half to 24.3 billion yuan, while Henan Shenhuo Coal & Power Co. Ltd reported that its net profit excluding nonrecurring gains and losses surged more than elevenfold year over year to 576 million yuan.

During the first five months, giant coal companies posted total profits of 123.4 billion yuan, increasing by 120 billion yuan compared to the same period last year, the report said.

Burgeoning coal prices this year were a result of China's capacity reduction efforts. During the first half, roughly 111 million tonnes of coal capacity were slashed, or 74% of its goal to eliminate 150 million tonnes of capacity this year.

As of Aug. 4, US$1 was equivalent to 6.72 Chinese yuan.