China Knowledge reported that Shanxi Coal International Energy Group Co Ltd expected its net profit to grow 49.06%YoY to CNY 1.13 billion in 2011.

The coal producer said in a statement filed with the Shanghai Stock Exchange that basic earnings per share were CNY 1.50 last year. The company saw its unaudited net profit soar 80.29%YoY to CNY 69.7 billion.

The Shanghai listed coal producer said that strong growth in net profit was mainly due to contributions from newly operated Pulongwan coal mine and another Shanxi-based coal mine.

In the first three quarters of last year, the company net profit rose 73.58%YoY to CNY 1.03 billion and its core business revenue jumped 63.47% to CNY 41.17 billion.

(Sourced from China Knowledge)