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Yanzhou Coal Mining sees 4.28% drop in 2011 net profit

Mar. 26, 2012 (China Knowledge) - Yanzhou Coal Mining Co<600188><1171>, a leading Chinese coal producer, announced yesterday that its net profit fell 4.28% year on year to RMB 8.62 billion last year.

Basic earnings per share were RMB 1.75 in 2011, and the company proposed a final dividend of RMB 0.57 per share.

The coal producer realized RMB 48.77 billion in operating revenue last year, 39.96% more than in the previous year. The coal business generated RMB 45.47 billion of sales in the period, up 38.1% year on year.

The group sold 64.25 million metric tons of coal last year, 29.5% more than in 2010.

Yanzhou Coal expected average coal price to rise further this year. In 2012, the group aims to sell 75.9 million metric tons of coal.

The company also said that it had obtained approval from the China Securities Regulatory Commission to issue up to RMB 15 billion of corporate bonds.

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