Coal firms quadruple profits as prices rally
Print Edition
PROFITS of Chinese coal producers nearly quadrupled last year as China’s ongoing capacity cut prompted a recovery in coal prices, a report said.
Coal mining companies with annual turnover over 20 million yuan (US$3.17 million) reaped 295.93 billion yuan in profit in 2017, up 290.5 percent from a year earlier, according to the China National Coal Association.
Their combined turnover rose 25.9 percent year on year to 2.54 trillion yuan. Some 90 major companies hiked their profit more than fourfolds from 2016 to 145.19 billion yuan.
CNCA vice president Jiang Zhimin attributed the performance to rising prices driven by a nationwide campaign to downsize the saturated sector.
Addressing overcapacity in bloated industries like steel and coal has been high on the government work agenda in recent years as gluts of production bit into corporate profit and dragged down economic growth.
China slashed 250 million tonnes of coal capacity last year, outperforming the annual target.
Despite the solid progress, addressing the overcapacity remains an arduous task as there are still numerous small and outdated mines across the country.
China has more than 3,200 coal mines with capacity under 300,000 tons and nearly 2,000 mines with capacity below 90,000 tons, said the report.
Jiang cautioned against lingering problems in many coal producers, including rising debt, financing difficulties and a shortage of workers. “Some companies have yet to completely step out of the operation hardship.”
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
