China Shenhua posts record quarterly profit

HONG KONG, April 29 (BestGrowthStock) – China Shenhua Energy Co Ltd
(1088.HK: ), the world’s most valuable coal producer, reported a
16.5 percent rise in first-quarter net profit to hit a record, as
higher coal sales during a harsh Chinese winter more than offset
rising costs.

January-March net profit was 9.24 billion yuan ($1.35
billion) versus 7.94 billion yuan a year earlier, the company
said in a filing to the Hong Kong stock exchange late on

The result beat a forecast for 8.04 billion yuan by Daiwa
Capital Markets, one of the few brokers to provide an estimate.

Shenhua (601088.SS: ), China’s biggest coal producer, is highly
exposed to surging electricity demand in the world’s
third-largest economy, which has been boosted by a 4 trillion
yuan ($586.1 billion) stimulus package, but an imminent resource
tax rise in China could further dent margins at a time when costs
are increasing. [ID:nBJB003793]

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(Reporting by Sui-Lee Wee, Editing by Ian Geoghegan and Doug

China Shenhua posts record quarterly profit