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China Shenhua says 1H profit up 14 pct

China Shenhua Energy Co., the country's biggest coal producer, said Friday its first-half net profit rose 14 percent from a year earlier as its output and sales surged despite the fallout from the global economic crisis.
/ Source: The Associated Press

China Shenhua Energy Co., the country's biggest coal producer, said Friday its first-half net profit rose 14 percent from a year earlier as its output and sales surged despite the fallout from the global economic crisis.

The Beijing-based company said its net profit in January-June was 16.9 billion yuan ($2.5 billion), compared with 14.8 billion yuan a year earlier.

The company's commercial coal output rose 17.6 percent over a year earlier to 105.8 million tons. Sales climbed 7 percent to 123.1 million tons.

Revenue jumped 16 percent to 57.1 billion yuan ($8.4 billion), up from 49.8 billion yuan in the first half of 2008.

Shenhua, which has operations spanning mining, shipping and power generation, benefited from a jump in government spending earlier this year aimed at reviving slowing growth.