ENN bucks demand slowdown with 17.8% growth in H1 profit

Despite the weakness in energy demand due to the economic slowdown, China's privately owned natural gas distributor ENN Energy Holdings Ltd reported a 17.8 percent year-on-year growth in profit to 1.39 billion yuan ($217 million) during the first six months of the year.

ENN Energy, one of the largest clean energy distributors in China, said on Wednesday that revenue during the first six months surged by 10.7 percent to 15.89 billion yuan.

"Facing the tremendous challenges arising from the economic slowdown and the plunge in international oil prices, the company has been exploring new businesses like energy trading and ship refueling to bolster revenue," said Wang Yusuo, chairman of the company.