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.
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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%.