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High coal prices proved to be Yanzhou’s main profit driver with revenue from principal operations at 3,207 million yuan (US$387 million). Net profit was 855.8 million yuan (US$103.4 million).
Coal production was 10.54 million tonnes for the quarter.
Year to date net profit increased by 122.9% to 1,914 million yuan (US$231 million) compared to 2003 figures.
Production for the first three quarters was 30.35Mt at an average price of 294.7 yuan/tonne (US$35.61).
In conjunction with the set-up of a Sydney office for YanCoal Australia, other entities will also be launched including Yanzhou Coal Yulin Power Chemical in Shaanxi Province, Yanzhou Coal Heze Power Chemical, Yanzhou Coal Juye Power Chemical and Yanzhou Coal Yuncheng Power Chemical all in the Shandong Province.
Yanzhou Coal predicted its net profit for the year would increase by more than 50% on 2003 profits.
