China Shenhua Energy Co, the nation's biggest coal producer, said 2007 profit jumped 19 percent because of increased demand as electricity suppliers added capacity.
Net income climbed to 19.8 billion yuan (US$2.8 billion), or 1.07 yuan a basic share, from 16.6 billion yuan, or 0.91 yuan, a year earlier, the company said in a preliminary statement to the Hong Kong Stock Exchange yesterday, citing domestic accounting standards. Sales rose 26 percent to 82.1 billion yuan. China coal prices rose to records last year on the back of surging demand for electricity from the nation's expanding number of houses and factories.
(Shanghai Daily, February 26, 2008)
