Coal news and updates

China Shannxi Coal suffers great loss amid falling price

Shannxi Coal Industry Co. Ltd., the third-largest listed coal miner by volume in China, saw its net loss reach 955 million yuan ($15.6 billion) over January-June, compared with a net profit of 825.8 million tonnes from the same period last year, showed data from the half-year report of the company.

During the same period, total revenue of the company stood at 18.98 billion yuan or 44.83% of the annual plan, falling 10.11% from a year ago.

The average price of the company’s commercial coal fell 12.51% on year to 267.73 yuan/t over January-June, with the price of self-produced coals falling 25.73% to 181.27 yuan/t.

Coal output from Shaanxi Coal stood at 53.02 million tonnes or 50% of the annual plan during the same period, a drop of 7.92% on year.

It sold 66.58 million tonnes of commercial coal in the first half of the year, edging up 1.4% year on year, it said.

The company predicted a sharper drop in profit in the second half of the year, given the persisting sluggish coal market.

source: http://en.sxcoal.com