China Shenhua's net profit to down by RMB3b
2017-09-04 08:17:33 [Print]
According to an announcement made by China Shenhua (601088) on late August 3rd, two of its open-pit mines, Haer Wusuo and Baorixile, have cut or been out of coal production since August as the earth and stone remove work was postponed owing to slow earth acquisition progress
The company noted that the temporary production suspension and reduction is unlikely to impact the group's annual operating objectives significantly.
. The temporary production suspension and reduction will decrease the Group's coal output, rail transport volume and coal sales in 2017, and thus place more production cost apportionments to two mines . It is estimated that the net profit of the Company attributable to the shareholders will be reduced by approximately RMB3 . 33b, accounting for 13 . 3% of the Company's net profit in 2016.
The company noted that the temporary production suspension and reduction is unlikely to impact the group's annual operating objectives significantly.