China Energy posts increased profits and revenues in Q2 2010

China Energy Corporation (China Energy), a leading Inner Mongolia-based Chinese producer and processor of raw coal for coking among other purposes for steel production, has announced it financial results for the second quarter of 2010.
 
According to the financial results, the net profit in the second quarter of 2010 was $4.4 million compared to a $1 million net loss in the same period of previous year. Sales revenues of the company were $20.5 million in the second quarter of 2010, compared with $4.3 million in the second quarter of 2009, up 377 percent. 
 
China Energy produced approximately 227,000 metric tons of coal in the second quarter of 2010, compared to 12,000 metric tons in the same period of 2009.
 
"Due to our expanded production capacity and the efficiency of our long wall mining equipment, we expect revenue from coal production to remain robust, and expect incremental growth from our proprietary coal trading operation as we have been granted additional quota for space on trains from the local railway bureau," stated WenXiang Ding, chief executive officer and president.