China Coal’s Positive Profit Points to a Loss-Marking Fourth Quarter
China Coal’s preliminary full-year 2018 profit guidance of CNY 4.4 billion to CNY 4.8 billion implies a net loss of CNY 0.3 billion to CNY 0.7 billion in the fourth quarter, which is slightly disappointing despite in line coal and chemical production outputs. We think the 8.8% year-over-year decline in QHD 5,500 kcal spot coal prices wasn’t enough to drive a net loss in the fourth quarter, but other factors such as rising unit production costs, inventory impairments, and falling coal-chemical pr...
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