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Yanzhou Coal Q1 net profit up 112.73%

(Agencies)
Updated: 2008-04-29 15:23

Yanzhou Coal Mining Co Ltd said first quarter net profit rose 112.73 percent year-on-year to 1.49 billion yuan ($213.13 million) due to increased coal prices.

In a statement filed with Shanghai Stock Exchange, the company said operating revenue was 5.55 billion yuan, up 46.97 percent, while operating costs were up 31.44 percent year-on-year at 2.38 billion yuan.

In the first quarter, the company obtained an average selling price of 599.43 yuan per ton of coal, up 45.89 percent. The average domestic coal price was 600.87 yuan per ton, up 48.2 percent, while the overseas price averaged 487.15 yuan, up 9.3 percent.

Its selling costs fell 38.9 percent to 125.09 million yuan.

Earnings per share came in at 0.303 yuan during the quarter, against 0.14 yuan per share a year earlier.

It projected first half net profit of over 100 percent due to higher coal prices.

Yanzhou Coal booked a net profit of 1.11 billion yuan in the first half of 2007.

The company has contracts for the sale of 9.51 million tons of coal in 2008 with average prices up 38.10 percent, it said earlier.

It plans to sell 34.4 million tons of coal overall, including exports of 500,000 tons.

Unit Shanxi Nenghu's methanol project, with an expected annual yield of 100,000 tons, will enter production in the second quarter, while another 600,000 ton-capacity methanol project in Yulin will start production in the second half, it said.

Yanzhou Coal said the two methanol projects will boost profits as prices of methanol products are expected to rise further in 2008.

It is also seeking coal mine investment opportunities in China and overseas.