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China Coal Energy flags swing to profit for FY'16

China Coal Energy Co. Ltd. is expecting to book a net profit attributable to shareholders of between 1.80 billion Chinese yuan and 2.20 billion yuan for 2016, according to a Jan. 20 statement.

By comparison, the Hong Kong Stock Exchange-listed company reported a net loss attributable to shareholders of 2.52 billion yuan for 2015.

China Coal attributed the turnaround to a rebound in the coal price, optimized product mix, lower costs and the disposal of noncore and underperforming assets.

As of Jan. 20, US$1 was equivalent to 6.88 Chinese yuan.