China Shenhua Profit Rises 16% After Acquiring Coal Assets

China Shenhua Energy Co., a unit of the country’s biggest coal producer, said first-half profit rose 16 percent, after it acquired assets to expand production in the world’s fastest-growing major economy.

Net income rose to 21.9 billion yuan ($3.42 billion) from a restated 18.8 billion yuan a year earlier, Shenhua said in a statement to the Hong Kong stock exchange today, citing preliminary data based on Chinese accounting standards. Revenue rose 40.5 percent to 100.7 billion yuan.