Home / English Column / Business (new) / In Industry / Energy Tools: Save | Print | E-mail | Most Read
Coal Group Earnings Rise
Adjust font size:

China's largest coal mine company Shenhua Energy Co announced on Friday a slightly lower-than-expected result, with earnings rising by 75 percent in 2005, driven by aggressive demand from power plants and steel refiners.


The world's sixth-largest miner said it earned 15.63 billion yuan (US$1.95 billion) in 2005, compared with 8.94 billion yuan (US$1.11 billion) a year earlier.


Analysts had forecast earlier that the Beijing-based mining group would post 15.9 billion yuan (US$1.98 billion) earnings.


Prospects for the firm, according to analysts, will wane somewhat this year due to dropping coal prices, as many domestic power plants and steel mills have already reserved enough in the wake of the coal crisis which clouded the whole industry earlier.


"The prospects for China's coal mines rely on whether coal prices remain firm or not," said energy analyst Andes Cheng from South China Research Ltd. "However, coal prices might drop by 10 percent in 2006. If so, the earnings of Shenhua will reduce accordingly."


(China Daily March 11, 2006)


Tools: Save | Print | E-mail | Most Read

Related Stories
Coal-to-oil Plant to Begin Work Next Year
Top Coal Producer Plans to Lift Coal Price
Shenhua Group Aims to Become World's Largest Coal Dealer in 2010
SiteMap | About Us | RSS | Newsletter | Feedback
Copyright © China.org.cn. All Rights Reserved     E-mail: webmaster@china.org.cn Tel: 86-10-88828000 京ICP证 040089号