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Xishan Coal net profits surge 171%

By Zheng Lifei (chinadaily.com.cn)
Updated: 2009-03-11 17:08

China's top coking coal producer Xishan Coal and Electricity Power posted a 171 percent increase in its net profits in 2008, driven by surging coking coal prices last year.

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Its net profits jumped to 3.48 billion yuan ($509 million) in 2008, or 1.44 yuan per share, while its revenue climbed 69 percent from a year earlier to 13.25 billion yuan, the Shenzhen-listed company said in its earnings report on Wednesday.

It is the first time the company has breached the 10 billion yuan revenue mark.

The hike in coal prices last year, the company said, contributed to 4.83 billion yuan in revenue.

Xishan Coal, a listed arm of Shanxi Coking Coal Group, mined 16.19 million tons of coal last year. The miner expects to churn out 18 million tons of coal this year.

Shares of Xishan Coal declined 2.68 percent to close at 14.50 yuan in Shenzhen trading on Wednesday.