On April 15, Hong Kong-based hard coking coal producer Fushan International Energy Group Limited (Fushan Energy) issued its financial results for 2009, stating that the measures taken by the Chinese government to accelerate infrastructure development and revive domestic demand had provided a favorable environment for the coking coal sector.
According to the financial results, the net profit of the company was HK$1.44 billion (US$185 million) in 2009, increasing by 104 percent compared with 2008. Sales revenues in 2009 saw an increase of 136 percent year on year, rocketing to HK$4.47 billion (US$576 million). The company's EBITDA soared by 120 percent to HK$2.6 billion (US$330 million) compared with 2008.
Mr. Cao Zhong, vice chairman and managing director of Fushan Energy, said, "With great support from our largest shareholder Shougang Group and the dedication of all our staff members, we seized market opportunities by enhancing our production capacity and efficiency while ensuring production safety. We also actively pursued acquisition targets in order to lay a solid foundation for sustainable growth."