China Shenhua warns of lower net profit for 2024

China Shenhua Energy (1088) warned of a 6.1 percent reduction in net profit for last year as coal prices dropped.

The coal mining giant expects its 2024 earnings to be between 60.7 billion yuan (HK$64.9 billion) and 63.7 billion yuan, representing a year-on-year decrease of 6.1 percent to 1.4 percent from 12 months earlier, according to a filing on Thursday.

The drop was due to lower average coal sales price that led to a slide in profit for the coal segment and assets impairment losses, the filing said.