coal sector: Shenhua coal segment reported a year-on-year decrease of 49.6 percent in gross profit in the first quarter of 2016, owing to falling coal prices and rising sales cost, according to the statement, according to Xinhua China. China is the world largest coal producer, but the coal sector is hard hit by an industrial glut. Shenhua, a State-owned enterprise listed both in Shanghai and Hong Kong, said in a statement that its revenue in the first quarter fell 4.6 percent to 39.4 billion yuan. In the first quarter this year, oversupply remained unsolved in the coal market, Shenhua said in the statement. The share price of Shenhua rose 1.8 percent to 14.78 yuan apiece in Shanghai on Friday ahead of the statement. Yet the coal price bottomed out as the relation between the supply and demand tends to be favorable for the suppliers, it said.
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