Impairment Drove China Coal’s 4Q Net Loss; Coal Production Expansion in 2019-21 a Key Highlight
China Coal’s full-year 2018 net profit of CNY 4.5 billion includes a loss-making fourth quarter, driven largely by a CNY 1.1 billion non-cash impairment. Core operating performance was decent, with coal production volume rising 21% year over year in the fourth quarter, following the commercial start of production of two coal mines in Inner Mongolia in November. With visible new coal projects in the pipeline, we think strong coal production growth of 30% will be a key highlight for China Coal in ...
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