China Shenhua Energy posts 6% rise in net profit

Brings profit to US$7.9 billion in 2012 from US$7.4 billion year-on-year.

China Shenhua Energy Company, China’s largest coal producer, said it attained the modest profit rise despite a drop in coal consumption in China.

Coal demand in China, the world's largest coal producer and consumer, grew at a slower pace in 2012 due to weaker domestic growth.

Revenuse rose 20% to US$40 billion from US$34 billion, helped by an increase in production volume.

China Shenhua Energy produced 304 million metric tons of coal in 2012, up 7.8% from 281.9 million tons a year earlier. Coal sales rose 20% to 464.6 million tons in 2012 from 387.5 million tons year-on-year.

China's coal output rose 4% to 3.7 billion metric tons last year, slowing from 2011's growth rate of 8.7%. Coal provides over two-thirds of China's energy needs despite increasing use of renewable energy sources like wind farms and solar projects.

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