Yanzhou’s 3Q Slightly Missed; Lower Production on Safety Check Remains the Near-Term Challenge
Yanzhou Coal’s third-quarter performance was a little disappointing. Recurring net profit fell 4.6% year over year to CNY 1.4 billion under PRC GAAP, despite the strong turnaround at Yancoal Australia following its acquisition of Allie & Coal in September 2017. The near-term challenge remains stricter safety controls in China, which led to a 15% production cut quarter on quarter, as well as a boost in unit production cost on operating leverage. We expect the headwinds to persist through the ...
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