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China Coal Energy's net profit rises to 3.49B yuan in FY'17

China Coal Energy Co. Ltd.'s attributable profit in 2017 reached 3.49 billion yuan, or 26 fen per share, up from 1.74 billion yuan, or 13 fen per share, in 2016.

The company in a March 20 release attributed the improvement in results to the stable coal price environment and improved operational efficiency.

Revenue jumped 33.7% to 81.12 billion yuan, while EBITDA climbed 27.8% to 16.22 billion yuan.

The company recently reported that its coal sales volumes fell by 2.3% to about 130.05 million tonnes in 2017. Coal production also slid 6.7% to 75.54 million tonnes.

Revenue from the coal segment, however, increased by 37.7% to 64.38 billion yuan.

The board recommended payment of a final dividend of 5.5 fen per share, or about 30% of the net profit attributable to the equity holders, and higher from 3.9 fen per share in 2016.

As of March 20, US$1 was equivalent to 6.33 Chinese yuan.