China Coal Energy : First-Half Net Profit Dropped 39%

By Martin Mou

China Coal Energy Co. said Friday that its first-half net profit fell sharply, weighed by a slump in its share of profits from associates and joint ventures due to the Covid-19 pandemic.

Net profit declined 39% to 2.53 billion yuan ($367.2 million), while revenue inched up 0.6% to CNY61.39 billion, the company said.

China Coal Energy said the pandemic caused a sharp decline in coal prices as well as prices of coal-chemical products.

However, the company said it should be able to maintain stable operations in the second half of the year in the wake of a recovery in the coal industry.

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