28 April 2011 11:08 [Source: ICIS news]
SHANGHAI (ICIS)--China’s Yanzhou Coal Mining (Yanzhou Coal) says its net profit for the first quarter of 2011 was yuan (CNY) 2.48bn ($380m), up 17.9% year on year, as a result of increasing coal production and prices, according to a statement from the company on Thursday.
The company’s raw coal production was 12.4m tonnes, representing an increase of 1.31m tonnes or 11.8% year on year.
Its coal prices increased by 18% year on year to CNY726/tonne in the first quarter on the growing demand from both domestic and overseas markets, according to the company.
However, for its coal chemicals business, the methanol production volume was 112,000 tonnes in the first quarter, a decline of 14.5% from 131,000 tonnes in the same period last year.
Its sales income for methanol was CNY198m in the first quarter compared with CNY223m in the same period last year, according to the data.
The company expects its net profit for the first half of 2011 to increase over 80% year on year as a result of increases in its sales volume and the average price of coal, Yanzhou Coal said.
Its net profit in the first half of 2010 was CNY2.6bn, it added.
Yanzhou Coal is mainly engaged in coal production, preparation and processing, marketing and railway transportation. It is located at Jining City in east China’s Shandong province.
($1 = CNY6.52)
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