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Datong Coal Industry Q1 output down 13pct

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Publish time: 3rd May, 2016      Source: www.cnchemicals.com
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Datong Coal Industry Co., Ltd, the listed subsidiary of Datong Coal Mine Group, saw its coal output drop 13% on year to 7.75 million tonnes in the first quarter of the year, it said in the latest announcement.Meanwhile, coal sales of the company fell 18.6% on year to 4.57 million tonnes.In 2015, the company saw its coal output increase 15.2% to 34.87 million tonnes, while sales fell 1.3% to 23.32 million tonnes.It predicted the 2016 output and sales to be 20.24 million and 20.33 million tonnes, down 42% and 12.8% from the actual figures last year, respectively.The unit sales cost is expected to be 166 yuan/t this year, according to the announcement.The Q1 net profit of the company surged 247.1% on year to 438 million yuan ($67.4 million), it said. The company saw its net profit slump 1308.8% to 1.8 billion yuan last year.The company said the H1 profit in 2016 may witness a great change, mainly due to the earnings from sales of the loss-making Yanzishan coal mine.It’ll spend at least three years for China’s coal industry to rise from the valley bottom, and this year is the hardest year as the sector will face a new round of de-capacity and reconstruction, the company said.