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Inner Mongolia Yitai flags 2,110% YOY jump in FY'16 profit

Inner Mongolia Yitai Coal Co. Ltd. expects to post an approximately 2,110% year-over-year jump in its net profit attributable to company shareholders for the year ended Dec. 31, 2016.

The company expects to record a full-year net profit of about 2.0 billion Chinese yuan. This compares with a net profit attributable to shareholders of 90.5 million yuan in 2015.

The increase is attributable to a year-over-year gain in profit per tonne, driven mainly by a continual increase in the coal price, with the improvement of the supply-demand situation a result of supply-side reforms in the coal market, the company said Jan. 23.

The group's detailed results are scheduled to be released in March.

As of Jan. 23, US$1 was equivalent to 6.86 Chinese yuan.