(MENAFN) China's largest coal producer, Shenhua Energy, registered an increase in net profits quarter-on-quarter, attributing it to falling coal prices and rising production costs, Xinhua reported.
According to a report by the Shenzhen Stock Exchange website, net profits decreased 9.9 percent, reaching USD1.66 billion in the January-March period.
Annual revenues decreased 0.1 percent to reach USD9.87 billion during the first three months of the current year, the report added.
The company also blamed the decrease on the growing imports of coal, which increased 5.1 percent, hitting 84 million tons in the first quarter of 2014.
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