Miner strikes rich vein

Business | Dominique Nguy 20 Apr 2017

A positive profit alert was issued yesterday by Yanzhou Coal Mining (1171).

The firm sees its net profit in the first quarter increasing up to sixfold compared to the corresponding period last year.

Then, the coal mining firm's net profit was 247.5 million yuan (HK$279.4 million) while earnings per share came to 0.05 yuan.

The significant increase in profit is attributed to a range of factors, including the capacity of the coal industry becoming less while the price of coal has increased significantly over the 12 months.

Yanzhou has also benefited from new mines going into commercial production and sales of coal it has mined directly increasing.

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