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...
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