(MENAFN- QNA) China Shenhua Energy Company Limited, China's largest coal producer, said Saturday that net profits had dropped 18.5% year-on-year in Q3 to 8.09 billion yuan (1.3 billion US dollars).
Revenue in the quarter was 61.2 billion yuan, down 13.8% year-on-year, the company said in a filing to the Shanghai Stock Exchange, China's News Agency (Xinhua) reported.
For the first three quarters, China Shenhua posted a net profit of 29.6 billion yuan, down 13.7% from a year earlier, compared with a decrease of 11.7% recorded in the first half of this year. Business revenues fell 4.6% to 190 billion yuan in the first three quarters.
China Shenhua attributed the decline to falling prices, production and power business, along with increased material trading.
China Shenhua produced 234 million tonnes of coal in the first three quarters, down 1.2% and sold 341.3 million tonnes, down 6.8%.
China Shenhua is listed in both Shanghai and Hong Kong and apart from coal, its businesses includes power generation and shipping coal products.
In the first nine months, Shenhua plants generated 160 billion kWh of electricity, down 5.3% year-on-year.
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