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China Shenhua Energy reported yesterday a 37.6 percent jump in its first-quarter earnings after it sold more coal at higher prices.

The world's most valuable coal producer earned 6.77 billion yuan from January to March. Its turnover rose 28.7 percent to 23.8 billion yuan.

During the period, Shenhua cranked out 44.6 million tons of coal, up 19.6 percent year-on-year.

It sold 56.7 million tons, up 21.7 percent from a year ago, including exports of 4.6 million tons, down 22 percent.

Shenhua, which rivals China Coal and Yanzhou Coal in the world's largest coal market, rose its price of domestically-sold coal by 11 percent to 335 yuan a ton.

Export prices jumped 15.8 percent to 461 yuan a ton. The prices are compared with last year's average, the company said in a statement.

Shenhua also runs railways and produces power. It generated electricity of 23.59 billion kilowatt hours in the first quarter, up 38.3 percent year-on-year.

But analysts said costs will remain a big concern, as Shenhua expects they will grow by 10 to 15 percent this year.

The coal miner failed to reach its goal in the first quarter.

Its operating costs surged 31 percent year-on-year, outstripping revenue growth of 28.7 percent.

Many analysts cut their target prices of Shenhua's H-shares last month, citing high valuation and surging costs.

Citigroup is the most pessimistic, assigning a "sell" rating with a target price of HK$33. In a research note dated March 18, it said: "We fail to see value in Shenhua and think potential for further de-rating remains. ... Creeping costs, higher spending and stationary power tariffs continue to threaten margins".

Shenhua shares gained 4.04 percent to HK$38.60 yesterday.

The firm has its supporters, too.

Last month, UBS gave a target price of HK$70, saying the firm will benefit from strong coal demand, planned asset injections from its parent firm, mine reserve expansion and possible overseas acquisitions.

(HK Edition 04/25/2008 page2)