HomeProduct Complimentary download Shaanxi Coal Industry forecasts 0.8-1 bln yuan loss in H1

Shaanxi Coal Industry forecasts 0.8-1 bln yuan loss in H1

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Publish time: 27th July, 2015      Source: www.cnchemicals.com
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Shanghai-listed Shaanxi coal industry Co., Ltd. anticipated a loss of 0.8-1 billion yuan ($131-163 million) in the first half of the year, hit by persisting coal price falls amid sluggish demand, the company said on July 24.The forecast, compared to a net profit of 826 million yuan a year ago, indicated an expanded loss in the second quarter, after the company incurred a net deficit of 291 million yuan in the first quarter.The company attributed the great loss to sagging prices amid adverse market conditions and a softening Chinese economy.By end-June, the mine-mouth price of 6,000 Kcal/kg NAR thermal coal in Shenmu, one main production area in Shaanxi, was 180 yuan/t with VAT, down 55 yuan/t from the first quarter, when a drop of 20 yuan/t was recorded for the material, showed monitoring data from China coal Resource.Shaanxi Coal Industry operates 29 coal mines in five mining areas including Shenfu, Yuheng, Huangling, Weibei and Binchang, with output of Shenfu taking 60% of its total.Last year, the company saw its coal output decline 1.1% on year to 115.24 million tonnes.