Mongolian Mining Expects Demand From China to Boost Revenue

Mongolian Mining Corp. (975), the country’s biggest coking coal exporter, expects revenue to continue rising this year because of demand from China.

“The trend will continue” after a surge in Chinese sales last year, Executive Director Battsengel Gotov said in a Bloomberg Television interview in Hong Kong today, without giving an estimate.

Profit rose 98 percent to $119.1 million last year, matching the average $118.7 million estimate of six analysts in a survey compiled by Bloomberg. Revenue climbed 96 percent to $542.6 million, the Hong Kong-listed company reported today.

The shares rose 4.2 percent to HK$7.39 as of 10:55 a.m. local time, headed for the highest level since Sept. 28. Mongolian Mining has fallen 24 percent in the past year, compared with the 11 percent decline in the benchmark Hang Seng Index.

To contact the reporter on this story: Masumi Suga in Tokyo at msuga@bloomberg.net

To contact the editor responsible for this story: Rebecca Keenan at rkeenan5@bloomberg.net.

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