China Coal’s Weak Second Half In Line; Cost Inflation Is a Key Drag
Despite strong year-over-year growth, China Coal’s full-year 2017 net profit of CNY 3.5 billion implies a weak second half, with profit declining 47% sequentially to CNY 1.2 billion. We think the sequential weakness reflects rising cost pressure driven by stricter safety and environmental controls in coal production--self-produced coal saw gross profit fall 31% sequentially, as margins were squeezed by a 17% rise in unit production cost against flat coal prices. This is within our expectations, ...
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