China Energy Corporation (China Energy), a leading Inner Mongolia-based producer and processor of raw coal for coking among other purposes for steel production in China, has announced it financial results for the fourth quarter and fiscal year 2009.
According to the financial results, the net profit in fiscal year 2009 saw an increase of 28 percent, rising from $4 million in the previous year to $5.1 million. Sales revenues of the company were $41.7 million in 2009, compared with $19.9 million in 2008, up 110 percent.
China Energy produced approximately 295,000 mt of coal in the fourth quarter, compared to 136,000 mt in the third quarter of fiscal year 2009.
In the final quarter of 2009, the company's net profit of $6.6 million represented an increase of 57 percent compared to $4.2 million in the fourth quarter of 2008. Sales revenues of $21.9 million in the fourth quarter of 2009 saw a 300 percent increase from $5.5 million in the fourth quarter of 2008.
"China Energy is well positioned to benefit from the growing demand and increasing price for coal," stated WenXiang Ding, chief executive officer and president.