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China Shenhua books 91.9% increase in FY'17 attributable profit

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China Shenhua books 91.9% increase in FY'17 attributable profit

China Shenhua Energy Co. Ltd. said March 23 that its full-year 2017 attributable profit soared 91.9% to around 47.80 billion yuan, as earnings per share rose to 2.40 yuan from 1.25 yuan in 2016.

The company attributed the improvement in results to efforts in improving quality and efficiency, and in optimizing cost control systems.

Revenue for 2017 jumped 35.8% to 248.75 billion yuan, as the coal segment improved its revenue by 49.1% to 195.92 billion yuan, driven by higher sales volumes and rising coal prices.

China Shenhua recently reported commercial coal output of 295.4 million tonnes for 2017, up 1.9%, while coal sales improved by 12.4% to 443.8 million tonnes.

The company's board recommended a final dividend of 91 fen per share for 2017, up from 46 fen per share in 2016.

Additionally, China Shenhua is targeting to produce 290 million tonnes of commercial coal this year, with coal sales expected to reach 430 million tonnes. Revenue is expected to be about 249.3 billion yuan in full-year 2018.

As of March 23, US$1 was equivalent to 6.31 Chinese yuan.