August 30, 2008

China Coal Energy H1 profit doubles

It is reported that China second largest coal producer by sales China Coal Energy Co’s January to June 2007 profit almost doubled on increased output and prices. China Coal Energy Company in a statement to the Hong Kong Stock Exchange said that net income surged to CNY 2.65 billion (USD 346 million) from CNY 1.3 billion in 2006 and sales climbed up by 14% YoY to CNY 16.7 billion.

China Coal said Coal production rose 18% to 43.39 million tonnes in January to June 2007. Prices for power station coal rose by 10% YoY while those for coking coal used by steel makers climbed up by 11% YoY from 2006.

Mr Jing Tianliang chairman of China Coal Energy Company said in the statement that “In the next few years, the company will strive to continually achieve annual production increase of 15 million tonnes for self produced raw coal.''

Chian Coal owns 3.47 billion tonnes of coal reserves by the end of June 2007.