Yanzhou’s 3Q Slightly Missed; Lower Production on Safety Check Remains the Near-Term Challenge
Yanzhou Coal’s third-quarter performance was a little disappointing. Recurring net profit fell 4.6% year over year to CNY 1.4 billion under PRC GAAP, despite the strong turnaround at Yancoal Australia following its acquisition of Allie & Coal in September 2017. The near-term challenge remains stricter safety controls in China, which led to a 15% production cut quarter on quarter, as well as a boost in unit production cost on operating leverage. We expect the headwinds to persist through the ...Yanzhou Coal Mining is engaged in the production of coal, which involves the mining, washing, processing and distribution of coal through railway transportation. Co. offers coal products including thermal coal, semi-hard coking coal, semi-soft coking coal, PCI coal and other mixed coal products which are sold to power plants, metallurgical mills, chemical manufacturers, construction material manufacturers and fuel trading companies in the People's Republic of China and other countries, including Japan and South Korea. Co. is organized into 3 operating divisions: coal mining, coal railway transportation and methanol, electrical and heat supply.
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