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Yancoal Australia swings to A$229M profit in FY'17

Yancoal Australia Ltd. swung to a posttax net profit of A$229 million in the 2017 full year, from a loss of A$227 million in 2016, as a result of its acquisition of Coal & Allied Industries Ltd. from Rio Tinto.

Based on a corrected media release, the company's revenue for the period ended Dec. 31, 2017, more than doubled to A$2.51 billion, from A$1.24 billion in the previous year.

The Yanzhou Coal Mining Co. Ltd. unit's production of salable coal in the 2017 full year surged 59% year over year to 31.4 million tonnes, while sales volumes of salable coal shot up 48% to 28.5 million tonnes.

For the 2018 full year, Yancoal forecasts its saleable coal production at between 35 million tonnes and 37 million tonnes, while CapEx is pegged at about A$247 million.