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DaTong Coal expects to swing to FY'16 profit on coal mine sale

DaTong Coal Industry Co. Ltd. said on Jan. 24 that it expected to swing to a net profit attributable to shareholders of about 180 million Chinese yuan in 2016 from the net loss of 1.80 billion yuan, or 1.08 yuan per share, recorded in 2015.

The company attributed the turnaround to the 1.83 billion yuan sale of its loss-making Yanzishan coal project in Shanxi province, northern China, to parent Datong Coal Mine Group Co. Ltd. Excluding non-recurring items, the adjusted net loss for 2016 was about 550 million yuan.

The company said its operations also benefited from reduced production costs and a rebound in prices of coal resulting from capacity cuts.

As of Jan. 23, US$1 was equivalent to 6.86 Chinese yuan.