China Coal’s 3Q In Line; Net Profit Improved Quarter on Quarter on Higher Coal Sales Volume.
No-moat China Coal’s third quarter reflects a moderate sequential recovery, with net profit rising 8% to CNY 870 million from the second quarter under IFRS. This is largely in line with our expectations, and we attribute the sequential growth to a 4% rise in coal production volume and 24% higher coal trading volume, compared with the second quarter, which help to offset slightly weakened coal prices; while the company’s coal-chemical operation remains lackluster. We expect the coal price to fall...
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