Yanzhou on the up

CHINESE miner Yanzhou Coal, which now owns Australia’s Felix Resources after a $A3.5 billion takeover last year, is on the up after posting a positive first quarter after a slump in the coal market last year saw its profits fall.
Yanzhou on the up Yanzhou on the up Yanzhou on the up Yanzhou on the up Yanzhou on the up

 

Angie Tomlinson

Yanzhou released its 2009 results to the Hong Kong Stock Exchange on Friday, reporting a fall in net income from 6.5 billion yuan ($US952 million) in 2008 to 4.12 billion yuan ($US603 million) in 2009, according to a Bloomberg report.

 

Revenue fell from 24.4 billion yuan ($US3.6 billion) to 19.9 billion yuan ($US2.9 billion).

 

The fall was attributed to a fall in spot coal prices.

 

Despite the fall, the miner’s fortunes have recovered after posting a first quarter net income of 2.1 billion yuan ($US307.6 million) and increasing operating income by 59%.

topics

loader