Yanzhou Coal Q3 net profit up 302.53 pct on rising coal prices
Yanzhou Coal Mining Co Ltd said third quarter net profit rose 302.53 pct year-on-yeat due to higer coal prices and comparatively slower growth in operating costs.
In a statement filed with the Shanghai Stock Exchange, the company said operating revenue for the third quarter was 7.57 bln yuan, up 82.9 pct from the previous year, while operating costs rose 25.0 pct to 3.75 bln.
Yanzhou Coal produced 8.8 mln tons of raw coal in the third quarter, up 0.11 pct year-on-year, including 8.02 mln tons of coal produced internally, down 3.14 pct.
Output of commercial coal rose 2.46 pct year-on-year to 8.66 mln tons, with 7.98 mln tons produced internally, little changed from a year earlier.
During the period, Yanzhou Coal sold 8.88 mln tons of coal, down 0.67 pct year-on-year, of which sales of coal produced internally totaled 7.46 mln tons, down 8.24 pct year-on-year.
In the third quarter, the average coal selling price was 795.00 yuan per ton, up 83.40 pct year-on-year.
The average export price of internally produced thermal coal was 986.43 yuan per ton, against 538.81 a year earlier, while the average domestic sales price was 793.41 yuan, up from 430.41.
Earnings per share stood at 0.59 yuan, against 0.15 yuan last year.
In the first nine months, the company reported operating revenue of 20.42 bln yuan, up 71.4 pct year-on-year as coal product sales rose 75.4 pct year-on-year.
Net profit for the first nine months was 6.65 bln yuan, up 263.8 pct year-on-year.
The company expects full-year net profit to rise over 190 pct as coal prices remain high.
In 2007, Yanzhou Coal reported a net profit of 2.63 bln yuan.
Tags: coal, export, output