China Coal Energy Co., a listed subsidiary of China National Coal Group Corporation, has announced an estimated net loss of RMB 800-1,200 million ($129.03-193.55 million) for the first half of the current year - the first loss posted by the company since 2008 when it was listed.
Meanwhile, in the first five months of the current year the company’s coal output and sales volumes amounted to 37.65 million mt and 52.41 million mt, respectively, down 24.8 percent and 14.7 percent, both year on year.
China Coal Energy stated that the slowdown in economic growth and oversupply in the coal industry were the main factors causing sharp declines in coal prices in the first half of the year, resulting in the shift from profit to loss in the given period.