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China Coal Energy Jan-Sep profit slump 353pct on yr

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Publish time: 28th October, 2015      Source: www.cnchemicals.com
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China Coal Energy Co., Ltd, the country’s second largest coal producer, saw its net profits slump 352.8% from 659 million yuan ($103.7 million) last year to a loss of 1.67 billion yuan over January-September this year, said the latest announcement of the company.The plunging coal prices amid persisting sluggish market may be the one to blame, the announcement said.In the first half of the year, the company suffered a net loss of 0.97 billion yuan, which was the first half-year loss since the company’s IPO in 2008.The company produced 71.59 million tonnes of commercial coal in the first nine months, falling 18.1% on year. Of this, thermal coal output fell 21.7% on year to 64.96 million tonnes; coking coal output rose 50% on year to 6.63 million tonnes.During the same period, commercial coal sales of the company decreased 12% from a year ago to 101.2 million tonnes, with self-produced coal sales at 71.58 million tonnes, down 11.6% on year.Sales of thermal coal slid 14.7% on year to 65.21 million tonnes between January and September, with average sales price at 289 yuan/t, a year-on-year decline of 19%.Those of coking coal increased 39.4% from the previous year to 6.37 million tonnes, with average price at 451 yuan/t, down 18.9% on year.The sales cost for the company’s self-produced commercial coal averaged 167.71 yuan/t over January-September, falling 12.5% from the same period last year and lower 14.2% from the annual average level last year.The company may continue to face losses amid overall supply glut and flat demand in coal market, it predicted.