By Yifan Wang


Shares of Chinese coal miner Yankuang Energy Group Co. tumbled on Monday after posting lower sequential earnings.

The company's stock fell 7.9% to 22.10 Hong Kong dollars (US$2.82) in Hong Kong, while its Shanghai-traded shares were down 5.5% at 41.21 Chinese yuan (US$5.68).

Yankuang's drop came after the company late Friday said its third-quarter net profit fell 14% from the previous quarter. The decline was in part due to lower sales from Australia, its second-largest market, as the country's recent unfavorable weather conditions weighed on operations.

But many analysts remain optimistic on Yankuang's outlook in the longer run, citing high energy prices globally and likely strong domestic coal demand during the winter peak season.

"Against the backdrop of energy inflation, we expect coal prices at home and abroad to remain elevated in the next two to three years," Cinda Securities analysts said in a note.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

10-31-22 0206ET