China Shenhua Energy : First-Half Net Profit Fell 16% Due to Pandemic

By Ben Otto

China Shenhua Energy Co.'s first-half net profit fell 16% compared with the same period a year earlier due to lower demand for coal, power and railway transportation amid the Covid-19 pandemic.

Net profit in the period was 20.37 billion yuan ($2.97 billion), the Chinese coal and electricity producer said late Friday.

Revenue fell 9.8% to CNY105.02 billion as its key coal segment faced lower demand and lower average selling prices, China Shenhua Energy said.

The company said it expects coal demand and supply to be balanced overall in the second half of the year, with electricity demand rising as China's economy improves.

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