中文
Shaanxi Coal Industry Co Ltd, a listed subsidiary of Shaanxi Coal and Chemical Industry Group, projected its net profit in the first half of 2023 to slump 13.7-14.3 billion yuan ($1.91-1.99 billion) or 53-56% on the year, the company said in a semi-annual operation announcement.
After deducting recurrent profit and loss, the net profit is estimated to reach 13.3-13.9 billion yuan, falling 7-11% from a year earlier.
The expected decrease was mainly attributed to three factors, according to the announcement. One was the sale of part of LONGi Green Energy Technology's shares in the first half of 2022 and the change in accounting treatment for investments to this company. And the fair value change in profit and loss during the period has decreased compared to the same period last year.
The decline in coal prices led by market supply and demand dynamics also resulted in downward pressure on coal sales price in Shaanxi Coal compared to the previous year.
The company churned out a total 84.06 million tonnes of coal in January-June 2023, up 10.37% year on year and its coal sales increased 11.13% compared to 2022 to 83.36 million tonnes.
(Writing by Riley Liang Editing by Emma Yang)
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