HomeProduct Complimentary download Shaanxi Coal Industry 3Q suffers a 1.8-bln-yuan loss

Shaanxi Coal Industry 3Q suffers a 1.8-bln-yuan loss

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Publish time: 27th October, 2015      Source: www.cnchemicals.com
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Shaanxi Coal Industry Co., Ltd, a leading coal producer in northwestern China’s Shaanxi province, posted a 295.58% year-on-year slump in net profit to a loss of 1.8 billion yuan ($0.28 billion) in the first three quarters this year, the company said recently.The sharp decline was attributed mainly to the huge losses of its Weibei Mining Area and other subsidiaries due to falling prices and sluggish demand during the period.The company has seen its losses expanding from a loss of 0.95 billion yuan in the first half of the year, and 0.29 billion yuan in the first quarter.Over January-September, the revenue of Shaanxi Coal Industry fell 11.2% on year to 27 billion yuan; while other incomes—mainly the government subsidies and profits gained from sale of non-current assets, increased 166% on year to 63.59 million yuan.Total coal output of the company over January-September amounted to 81.31 million tonnes or 76.7% of the targeted output of 106.1 million tonnes for the whole year.Coal sales during the same period stood at 101.17 million tonnes, with sales value at 25.43 billion yuan or 60% of the sales target of 2015.The company expects further decline in net profit in the fourth quarter from the previous year, if the coal industry remains sluggish and coal prices see no rebound.