BEIJING (Reuters) - China’s top coal miner China Shenhua Energy Co Ltd on Friday delivered its strongest interim results in four years on the back of soaring coal prices.
Shenhua’s net income rose 147.4 percent from the same period last year to 24.3 billion yuan ($3.65 billion) under China accounting standards, the highest since the first half of 2013, and in line with the company’s forecasts.
Under IFRS accounting standards, the group’s half-year net income rose to 26.3 billion yuan versus 10.8 billion yuan a year ago.
The results put Shenhua on track to become one of the most profitable public commodity companies in the A share market in Shanghai in the first half, outperforming oil giant PetroChina, Baowu Steel, based on a Reuters analysis of first-half earnings.
Sinopec, typically the highest earning listed commodity company in China, will release its interim results on Sunday.
Shenua’s bumper results also come as smaller rivals China Coal and Inner Mongolia Yitai each released their strongest results in years earlier this week.
($1 = 6.6530 Chinese yuan renminbi)
Reporting by Meng Meng, Muyu Xu and Josephine Mason. Editing by Jane Merriman