Shanxi Province-based Chinese coal producer Shanxi Coking Coal Energy Group Co., Ltd has announced that it registered a net profit of RMB 2.456 billion ($0.37 billion) in the first quarter this year, up 170.02 percent year on year.
For 2021, the company had posted a net profit of RMB 4.165 billion ($0.63 billion), up 112.94 percent year on year.
The company said that the increasing trend of coal prices amid good demand in the first quarter contributed to its rising profit in the given period.
As previously reported by SteelOrbis, China imported 12.26 million mt of coking coal in the first three months this year, rising by 8.94 percent year on year, according to the data issued by the Chinese customs authorities.