Chinese coal producer Shenhua says profit up

BEIJING—China Shenhua Energy Co., the country’s biggest coal producer, said Saturday that its first-quarter profit jumped 16.6 percent over a year ago as China’s rapid economic growth drove strong energy demand.

Profit in the three months ending March 31 was 11 billion yuan ($1.7 billion), or 0.55 yuan (8 U.S. cents) per share, up from 33.6 billion yuan a year earlier, Shenhua said. Revenue rose 41.1 percent to 47.4 billion.

Shenhua said its coal sales by weight rose 36 percent, driven by a rebound that saw China’s economy grow by a robust 9.7 percent during the quarter.

“The fast-growing economy facilitated a sound growth in coal demand,” said a company statement.