China’s top coal producer forecasts 28 pct profit growth in 2021
China Shenhua Energy Company Limited, one of the country’s biggest coal producers, said its net profits are expected to jump by 28 percent in 2021 due to higher coal sales and prices, among others.
Net profits from last year are likely to reach around 50.3 billion yuan (about 7.9 billion U.S. dollars), up 11.1 billion yuan from 2020, according to a company statement filed with the Shanghai Stock Exchange.
Rising coal sales, and higher selling prices of coal and polyolefins contributed to the increase of the company’s profits.
However, greater production costs and lower investment returns, among other factors, held back more significant profit growth, the statement noted.