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China Coal Energy 2007 net profit up 90.35%

(Agencies)
Updated: 2008-04-10 16:49

China Coal Energy Co Ltd, the country's second largest coal producer, said 2007 net profit rose 90.35 percent to 5.17 billion yuan ($738.99 million) under Chinese accounting standards, due to higher coal prices and increased output.

In its annual report filed with the Shanghai Stock Exchange, the company said 2007 operating revenue rose 29.9 percent to 36.82 billion yuan, supported by growth in three main segments - coal production, coal chemicals and coal-mining equipment.

Output was 90.52 million tons of raw coal in 2007, up 14.5 percent, of which raw coal it produced on its own amounted to 83.27 million tons, up 25.2 percent.

Sales of commercial coal last year stood at 85.16 million ton, with internally produced coal accounting for 69.32 million tons, up 21.3 percent.

The average price of thermal coal in the domestic market was 339 yuan per ton, up from 298 a year earlier, while the average export price rose to 479 yuan per ton from 394.

Meanwhile, the average domestic price of coking coal in domestic market in 2007 was 668 yuan per ton, up from 564 in 2006. The average export price fell to 775 yuan per ton from 847 a year earlier.

Operating revenue from coal production stood at 27.33 billion yuan, up 24.1 percent. Sales costs for commercial coal produced within the group also rose 23.9 percent to 12.149 billion yuan, with unit sales costs falling 4.35 yuan to 175.26 yuan per ton.

The company also produced 3.37 million tons of coke last year, up 42.8 percent. Sales of coke rose 65.5 percent to 3.64 million tons, of which, sales of coke produced within the group rose 72.1 percent to 2.84 million tons.

The average coke price was 1,143 yuan per ton, up by 216 yuan from a year earlier. The domestic price rose by 236 yuan to 1,043 per ton, and the export price rose 274 yuan to 1,520.

Operating revenue from coke operations rose 114 percent to 4.47 billion yuan, while operating costs rose 105.7 percent 3.612 billion yuan mainly due to rising raw material prices.

Operating revenue from coal mining equipment segement rose 29.4 percent to 3.595 billion yuan in 2007, the company said.

Earning per share stood at 0.44 yuan, up from 0.34 a year earlier.

Under international accounting standards, the company booked operating revenue of 36.43 billion yuan, up 20.5 percent, while the net profit rose 89.8 percent to 6.02 billion yuan.

The company plans to pay a cash dividend of 0.62 yuan for every 10 shares held for 2007.

China Coal Energy sees the country's coal demand remaining strong in 2008, in balance with supply and prices staying high.

China Coal is seeking to boost raw coal output and trading volume in 2008 past 100 million tons and maintain the average annual growth at 15 million tons in the three years to 2010.

Output of coke is seen at 4.5 million tons in 2008, up over 30 percent, the company said.

Capital expenditure in 2008 is budgeted at 16.16 billion yuan, against 7.14 billion in 2007.

On Feb 1, Hong Kong-listed China Coal started trading on the Shanghai Stock Exchange after an offer of 1.53 billion A-shares.