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Coal Firm's Profit In 2008 Rises Nearly 18%

SHANGHAI-LISTED China Coal Energy Co Ltd, one of the country's leading coal producers, has said its 2008 profit rose 17.7 percent year on year amid climbing coal prices and production.

The firm said in its annual report that net profit was 6.81 billion yuan (US$1 billion), or 0.52 yuan per share, last year under domestic accounting rules and 7.1 billion yuan under international accounting rules.

China Coal Energy attributed the rise in profit mainly to the outstanding performance of its coal sector which benefited from rising production and coal prices.

It produced 100.37 million tonnes of coal in 2008, up 10.9 percent over 90.52 million tonnes in 2007. Coal prices rose more than 20 percent year on year.

The company's business revenue in 2008 was 51.47 billion yuan, 42.8 percent more than the previous year, while coal revenue topped 38.3 billion yuan, up 40.6 percent year on year.

"The company will continue to expend both domestic and overseas markets in the future and enhance coal production and upgrade production equipment," Wang An, China Coal Energy board chairman, said.


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