China Coal’s 2016 Result In Line; Balance Sheet Slightly Improved
No-moat China Coal’s full-year 2016 result was in line with our expectations, with a 19% year-over-year increase in the average coal selling price and an impressive 9% reduction in cost driving a turnaround in net profit to CNY 1.7 billion, following two consecutive years of net losses in 2014 and 2015. In addition, a one-off disposal gain, along with a 17% cut in capital expenditure to CNY 10.4 billion, enabled China Coal to cut its net debt to CNY 77.8 billion from CNY 83.4 billion in 2015, wi...
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