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Shanxi Coking Coal expects 50% plunge in Q1 profit

Apr. 18, 2012 (China Knowledge) - Shanxi Coking Co Ltd<600740>, the biggest publicly traded coke producer in China, announced yesterday that it expects its net profit to fall over 50% year on year in the first quarter of 2012.

In the first quarter of 2011, the company's net profit attributed to shareholders reached RMB 86.63 million, and basic earnings per share were RMB 0.15.

The coke producer said in a statement filed with the Shanghai Stock Exchange that the sharp decrease in net profit was due to the sluggish coke market in China.

Last year, Shanxi Coking Coal saw its operation revenue increased 21.03% year on year to RMB 7.75 billion. However, its net profit decreased 17.02% than a year earlier to RMB 53.28 million in 2011, sources reported.

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