Yanzhou Coal Swings to Third-Quarter Loss on Lower Prices, Costs
Yanzhou Coal Mining Co. (1171) swung to a loss in the third quarter as coal prices fell and selling costs rose.
The company posted a net loss of 79.6 million yuan ($12.7 million), compared with a 1.08 billion yuan profit a year earlier, Shandong-based Yanzhou Coal said in a filing to the Hong Kong stock exchange today.
Average coal price for the group fell 19 percent in the third quarter and operating cost, which includes the cost of coal sales, rose to 13.03 billion yuan from 10.69 billion yuan a year ago.
The stock fell 3.5 percent to HK$12.06 at the close in Hong Kong trading today ahead of the results. The benchmark Hang Seng index lost 1.2 percent.
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