Major Chinese coking coal producer Shanxi Coking Coal Energy Group Co., Ltd has announced an operating revenue of RMB 10.552 billion ($1.5 billion) in the January-March period this year, down 28.47 percent year on year, while posting a net profit of RMB 950 million ($134 million), down 61.53 percent year on year.
The demand from downstream users did not improve in line with expectations, resulting in the sharp declines in coal prices in the given period, which contributed to the decreases in the company’s net profit.