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China's second largest coal firm sees profit rise in H1

(Xinhua)
Updated: 2016-07-12 09:32
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    China's second largest coal producer reported a profit rise in the first half of this year thanks to better production management and a rise in the price of coal, the company said Monday.

    China Coal Energy Company Limited, a listed company on the Shanghai Stock Exchange, estimated its net profit at between 350 million yuan (52.4 million U.S.dollars) and 520 million yuan, a remarkable turnaround considering that in 2015 H1 the company suffered a loss of 965 million yuan.

    The state-owned coal firm attributed the turnaround to more rational production management, cost reduction, assets sales and coal price rises.

    The country's state enterprise regulator announced last week that China's state-owned steel and coal enterprises should cut 15 percent of their capacity in the next five years to improve efficiency.

 

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