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China Coal Energy flags up to 190% jump in 9-month profit

For the nine months that ended Sept. 30, China Coal Energy Co. Ltd. expects its net profit attributable to shareholders to jump by between 150% and 190%, compared to the net profit posted in the same period last year.

The company swung to a net profit of 893.7 million Chinese yuan in the first nine months of 2016 from a year-ago net loss of 1.67 billion yuan.

The expected increase in net profit is driven by the implementation of supply-side structural reform, coal price gains and cost controls, the company said Oct. 10.

As of Oct.10, US$1 was equivalent to 6.59 Chinese yuan.