Shaanxi Coal Industry Company Limited is projected to earn 8 to 8.5 billion yuan ($1.24-1.31 billion) of net profit in the first half of 2021, surging 60%-70% compared to the same period of last year, the company said in semi-annual operation announcement.
After deducting recurrent profit and loss, the net profit is estimated to reach 7.5-8 billion yuan, soaring 71%- 83% over the first half of 2020.
The impressive performance was attributed to two factors, according to the announcement. One was rising coal prices on strong coal demand amid China's fast economic recovery, and the other was steady growth in the company's coal production and sales after release of quality coal capacity.
Shaanxi Coal mined out 34.98 million tonnes of coal in the first quarter of 2021, up 33.98% year on year. Coal sales in the period climbed up 56.99% on the year to 73.0 million tonnes.
The company's coal production totaled 125 million tonnes in 2020, up 9.06% year on year and its coal sales increased 35.36% to 242 million tonnes.
(Writing by Shengnan Liu Editing by Harry Huo)
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