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Yanzhou Coal witnesses 39.2% jump in Q1 profit to 247.5M yuan

Yanzhou CoalMining Co. Ltd. improved its net profit attributable toshareholders by 69.7 million Chinese yuan, or 39.2%, to 247.5 million yuan inthe first three months of the year compared to the same period of 2015.

EPS was 5.03 fen, up from an adjusted 3.62 fen per share inthe year ago period.

The company said April 28 that operating income for thegroup rose 36.1% year over year to 11.77 billion yuan, largely due to a 5.38billion yuan increase in revenue generated by Yanzhou's noncoal businesses.

This offset a 2.20 billion yuan decrease in sales revenuefrom the coal business.

The first-quarter profit result was bolstered by 33.3million yuan worth of gains, including 454,000 yuan earned from the disposal ofassets and 5.0 million yuan in government grants.

Raw coal production for the quarter dipped 3.2% on the sameperiod of 2015 to 16.2 million tonnes, while the sales volume fell around 11%to 16.4 million tonnes.

Although the coal price was affected by weak demand in boththe domestic and overseas markets, this was more than offset by a reduction inthe cost of coal sales.

The coal price tumbled 21.2% year over year to 315.75 yuanper tonne, while costs declined 35.2% to 3.18 billion yuan, saving Yanzhou 1.72billion yuan compared to the first quarter of 2015.

Yanzhou Coal's 2015 earnings were adjusted to take intoaccount the acquisition of mining equipment maker Donghua HeavyIndustry Co. Ltd. in July 2015, for about 676 million yuan.

As of April 28, US$1was equivalent to 6.48 Chinese yuan.