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Layoffs, wage cuts fail to save China Coal Energy from swing to 223.1M yuan Q1 loss

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Layoffs, wage cuts fail to save China Coal Energy from swing to 223.1M yuan Q1 loss

on April27 posted a net loss of 223.1 million Chinese yuan, or 1.7 fen per share, for thefirst quarter, which compares to a net profit of 15.1 million yuan, or 0.1 fen pershare, recorded in the same period of 2015.

Operatingincome for the quarter dropped 4.3% year over year to 12.51 billion yuan as pricesof coal products "significantly dropped," the company said.

Financecosts increased 37.1% year over year to 1.01 billion yuan, due to an increase indebts.

The companyproduced 20.5 million tonnes of coal in the three months ended March 31, up 4% froma year ago.

Totalsales of coal increased 25.6% year over year to 30.4 million tonnes, from 24.22million tonnes booked in the same quarter of 2015.

The averagesales cost was 139.82 yuan per tonne in the first quarter, down 27.9% from 194.05yuan per tonne, posted a year ago.

Laborcosts were reduced by 35.1% year over year to 25.41 yuan per tonne, due to layoffsand wage cuts.

As of April 27, US$1 was equivalentto 6.50 Chinese yuan.