Shenhua’s 3Q In Line With Our Expectations; Strong Growth at Power Segment a Bright Spot
Narrow-moat Shenhua’s solid third-quarter performance was broadly in line with our expectations. Net profit rose 3% year over year to CNY 12.7 billion, with all the business segments--coal, power, and transportation--posting positive earnings growth. Strong growth at power segment was the bright spot. Contrary to steep industrywide profit declines on rising fuel costs, Shenhua’s power business saw a sharp 29% rise in gross profit contributing 65% of the group’s gross profit growth in the third q...China Shenhua Energy and its subsidiaries are engaged in the production and sale of coal; the generation and sale of power; and providing transportation services in the People's Republic of China (the "PRC"). Co. operates coal mines as well as an integrated railway network and seaports that are used to transport Co.'s coal sales. The primary customers of Co.'s coal sales include power plants and metallurgical producers in the PRC. Co. also operates power plants in the PRC, which are engaged in the generation and sale of coal-based power to provincial or regional electric grid companies.
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