Investments and Grants Drove a Turnaround at Yanzhou; Coal Segment Still Loss-Making
No-moat Yanzhou Coal posted a net profit of CNY 375 million in first-half 2016; however, excluding one-off items (CNY 445 million in government grants and CNY 95 million in investment reclassification gain), its core operation remains loss-marking and largely flat on a year-over-year basis. Contrary to the significant cost reductions seen at China Coal and Shenhua, Yanzhou suffered from a 5% cost inflation at domestic coal mines, owing to a high operating leverage on the back of a 10% production...
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