More than a half of China’s coal producers reported to double profits in H1

Almaty. August 7. Silkroadnews – China’s coal producers reported impressive profits for the first half of 2017, Xinhua agency reports.
“Of China’s 37 listed coal companies, more than half have estimated half-year profits to double in H1 from a year ago”, the report reads on Monday.
The semi-annual report submitted to the Shenzhen Stock Exchange by Henan Shenhuo Coal and Power Co., Ltd. says, the publication notes, that the company’s net profits, excluding non-recurring incomes and losses, increased more than 11 times year-on-year up to 576 million (US $86 million) due to increase in prices.
At the same time, the largest coal producer in the country, China Shenhua Energy Company said earlier that its profit for the first half of the year jumped 147% to 24.3 billion yuan compared to the same period last year. The company attributed such huge growth to higher prices for coal.
The publication says, other coal producers, including Shansi Xishan Coal and Electricity Power and China Coal Energy Company Limited, also reported a huge profit for the period from January to June this year.
In the first five months, large coal producers registered a total profit of 123.4 billion yuan, which is 120 billion more than in the same period of 2016.
According to China’s National Development and Reform Commission, in the first half of 2017, the production capacity in the coal sector was reduced by 111 million tons, which is 74% of the annual target.
This year the Chinese government plans to reduce the excess capacity in the coal industry by 150 million tonnes as a part of the efforts on the country’s economy modernization.