It is reported that China Coal Energy posted an 11.9%YoY rise in first half 2011 net profit attributable to shareholders to CNY 4.99 billion on a 19.3% increase in revenue to CNY 42.44 billion.
Coal production in the first half rose 6.5%YoY to 51.91 million tonnes while coal sales increased 9.7% to 65.07 million tons. Revenue from the coal business was up by 20.8%YoY to CNY 34.19 billion in the first half.
Mr Wang An chairman of China Coal Energy said the Bohai Sea thermal coal price index retreated after trending up for more than 10 weeks. He said that a slowdown in the macro economy will affect the coal industry. The government strictly controlled coal prices and the fulfillment of signed contracts. Coal producers will thus suffer from both higher costs and lower prices.
According to the report, overcapacity in the coal industry may affect coal makers’ performances in the second half.
(Sourced from China Business News)
Coal production in the first half rose 6.5%YoY to 51.91 million tonnes while coal sales increased 9.7% to 65.07 million tons. Revenue from the coal business was up by 20.8%YoY to CNY 34.19 billion in the first half.Mr Wang An chairman of China Coal Energy said the Bohai Sea thermal coal price index retreated after trending up for more than 10 weeks. He said that a slowdown in the macro economy will affect the coal industry. The government strictly controlled coal prices and the fulfillment of signed contracts. Coal producers will thus suffer from both higher costs and lower prices.
According to the report, overcapacity in the coal industry may affect coal makers’ performances in the second half.
(Sourced from China Business News)
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