Shanxi Coal International Energy Group (600546) posted a 45.98 percent year-on-year rise in first half 2011 net profit to 576 million yuan, reports yicai.com.

Revenue increased 54.68 percent year-on-year to 25.15 billion yuan.

The company's trading business contributed revenue of 21.4 billion yuan in the first half, up 48.86 percent year-on-year.

The coal trading volume increased 11.37 million tons year-on-year to 39.52 million tons in the first half.

The volume of the domestic coal trade increased 12.63 million tons year-on-year to 37.17 million tons, while the volume of the foreign coal trade fell 1.44 million tons year-on-year to 2.16 million tons.

According to the report, coal prices may retreat from its current elevated levels due to higher coal inventories and increased hydropower generation.

The government has lowered the value-added duties on coal imports. The company will therefore increase coal imports to build up its inventory.
 

Source:CapitalVue