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Yanzhou Coal`s 2003 profit rises 14% on power demand
Beijing, Apr 19: Yanzhou Coal Mining Co., China`s only coal producer listed overseas, said profit last year rose 14 per cent, based on international accounting standards, because of higher coal prices and increased demand from power plants.
Beijing, Apr 19: Yanzhou Coal Mining Co., China's only coal producer listed overseas, said profit last year rose 14 per cent, based on international accounting standards, because of higher coal prices and increased demand from power plants.
Net profit rose to 1.39 billion Yuan (USD 168 million) from 1.22 billion Yuan, in 2002, the Yanzhou, Shandong province-based company said in a statement.
Coal prices rose last year and are set to soar in 2004 because the region's three biggest exporters of the fuel, China, Australia and Indonesia, have been unable to keep pace with demand. China cut exports to ensure supplies at home, while holdups at ports and on railroads and strikes and accidents have added to shortages.
Yanzhou Coal said China's demand for power and coal would rise this year even should economic growth to 7 per cent from 9.1 per cent last year. China's coal demand could rise by more than 160 million tons this year, the company said in a statement. Yanzhou Coal expects to sell 5.1 per cent more coal this year, totaling 41.42 million tons. It agreed to supply 11.92 million tons of coal to local users under long-term contracts, and plans to sell 12 million tons of the fuel overseas, the statement said.
Yanzhou Coal is negotiating to sell another 17.5 million tons locally under long-term supply contracts. The company will sell the coal under local contracts at prices 9.9 per cent higher this year, the statement said.
Bureau Report
Coal prices rose last year and are set to soar in 2004 because the region's three biggest exporters of the fuel, China, Australia and Indonesia, have been unable to keep pace with demand. China cut exports to ensure supplies at home, while holdups at ports and on railroads and strikes and accidents have added to shortages.
Yanzhou Coal said China's demand for power and coal would rise this year even should economic growth to 7 per cent from 9.1 per cent last year. China's coal demand could rise by more than 160 million tons this year, the company said in a statement. Yanzhou Coal expects to sell 5.1 per cent more coal this year, totaling 41.42 million tons. It agreed to supply 11.92 million tons of coal to local users under long-term contracts, and plans to sell 12 million tons of the fuel overseas, the statement said.
Yanzhou Coal is negotiating to sell another 17.5 million tons locally under long-term supply contracts. The company will sell the coal under local contracts at prices 9.9 per cent higher this year, the statement said.
Bureau Report