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Yancoal Australia's H1'19 earnings rise YOY

Yanzhou Coal Mining Co. Ltd. unit Yancoal Australia Ltd. reported a rise in net profit for the first half to A$564 million, from A$361 million a year ago, as a one-off tax expense adjustment of A$219 million boosted earnings.

Revenue remained flat year over year at A$2.35 billion, while sales volume rose to 16.5 million tonnes of coal, compared to 15.7 Mt in the first half of 2018, the company said Aug. 21.

The company's share of salable coal output rose 9% to 17.8 Mt.

Operating EBITDA fell to A$940 million from A$980 million, largely due to an increase in stockpiled volumes through the period.

The company realized an average price of A$112 per tonne for its thermal coal and A$184/t for its metallurgical coal products, falling from A$117/t and A$191/t, respectively, in the first half of 2018.

Cash costs per tonne excluding royalties remained flat at A$62.

Yancoal declared an interim dividend of A$136.7 million, or 10.35 Australian cents per share unfranked, compared to a maiden payout of A$130 million in 2018. The company is targeting a dividend payout of 50% of adjusted net profit for 2019.

CEO Reinhold Schmidt said the company remains on target to achieve salable coal production of about 35.6 Mt attributable to the company, compared to guidance of about 35 Mt.