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China’s coal miners see 14.8 percent increase in operating revenue in H1

Xinhua Financein www.cfbond.com
2018-08-02 09:25

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“China’s coal mining industry has achieved approximately RMB 127.9 billion in operating revenue, up by 14.8 percent for the first half of this year,” said Li Fulong, the director of the National Energy Administration (NEA) during a recent press conference.

Coal prices had remained high for the first six months of 2018. Meanwhile, the consumption of coal also saw a 3.2 percent increase for the first five months of 2018, according to data from the NEA. The consumption for coal-fired power has been significantly increased, which has become the primary engine for the total coal consumption.

As of now, seven out of twenty-five firms who have published their semi-annual reports have achieved an increase in their net profits.

The China Coal Energy Company’s net profits have surged by a range of between 50.34 percent and 70.98 percent amounting to between RMB 2.55 and 2.9 billion for the first half of the year.

The Datong Coal Industry Co., Ltd. and the Shanxi Coking Coal Group have also seen a sharp increase in their net profits.

While being hampered with both price hikes and an increase in the supply of electricity, the thermal power enterprises have met chills recently.

The thermal power industry only achieved RMB 20.7 billion in 2017, a decrease of 83.3 percent when compared with the previous year.

The top five thermal power enterprises had accumulated a net loss of RMB 13.2 billion including the China Guodian Corporation, the China Huaneng Group Co., Ltd., the China Datang Corporation, the China Huadian Corporation, and the State Power Investment Corporation for 2017.
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