YANZHOU Coal Mining Co posted a 20.3 percent increase in first-quarter earnings on the back of higher sales volume and prices.

Net income rose to 700.7 million yuan (US$91 million), or 0.14 yuan a share, in the first quarter, from 582.5 million yuan, or 0.12 yuan, a year before, Yanzhou Coal reported yesterday to the Shanghai Stock Exchange.

Sales rose 20.3 percent to 3.78 billion yuan.

The Shandong Province-based miner sold 16.1 percent more coal from a year ago to 8.36 million tons in the first quarter, including those from an Australian mine. Its average domestic coal sales price increased 14.7 percent to 405.5 yuan per ton.

Director Wu Yuxiang said early this week that Yanzhou Coal expects profit to rebound this year after two consecutive years of declines. The previous earnings drops were due mainly to costs in removing villages from atop its mines and declining coal export prices.
 

Source:佚名