China Shenhua Energy, the listed unit of the country's largest coal producer Shenhua Group, posted a 14.6 per cent increase in net profit for the first nine months of this year, thanks to higher selling volume and prices.
The company reported a net profit of 26.03 billion yuan (HK$29.54 billion), up from 22.71 billion yuan a year earlier, based on international accounting standards.
Third-quarter profit was 9.11 billion yuan, 15.4 per cent higher than the 7.89 billion yuan gain a year earlier, according to South China Morning Post calculations.
The nine-month profit amounts to 81.4 per cent of the 31.97 billion yuan full-year profit forecast by 23 analysts polled by Thomson Reuters.
Turnover for the nine months rose 13.7 per cent year on year to 88.15 billion yuan, on the back of a 10.4 per cent jump in coal sales volume and a 4.7 per cent increase in the fuel's average selling price.
Sales volume growth in the third quarter was particularly fast, at 17.5 per cent, amid recovering power demand as Beijing's aggressive economic stimulus showed its effects.
An 8 per cent average price increase was achieved in domestic long-term contract sales, more than offsetting a 7.6 per cent fall in the spot market sale price.
