China Jan-Aug coal industry profit slumps 46.1pct on yr

China Jan-Aug coal industry profit slumps 46.1pct on yr

Profit of China’s coal mining and washing industry plunged 46.1% from the same period last year to 72.04 billion yuan over January-August this year, showed data from the National Bureau of Statistics (NBS) on September 27.

In the first eight months of the year, major coal mining and washing enterprises – annual revenue above 20 million yuan – realized revenue of 1,972.27 billion yuan from core businesses, down 5.2% from a year ago, with profit at 66.4 billion yuan, dropping 49.1% year on year.

During the same period, profit of the country’s entire mining industry posted a decrease of 13.4% year on year to 444.56 billion yuan, data showed.

Profit in ferrous and non-ferrous metal industries also fell 9.8% and 9.4% year on year to 49.2 billion and 34.99 billion yuan, respectively.

However, the power and heat generation industry saw its profit climb 20.9% from the year before to 288.05 billion yuan, largely attributed to low coal prices.

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