12 Aug 2010 13:45

Kailuan Energy Chemical's net profits up 4.19 pct in H1

Shanghai. August 12. INTERFAX-CHINA - Shanghai Stock Exchange-listed Kailuan Energy Chemical Co. Ltd., a domestic coal and coal-chemicals producer, announced on August 12 that its net profits increased by 4.19 percent year-on-year to RMB 421 million ($62.09 million) in the first half of this year.

According to the company's earnings report, its business revenue from January to June surged 77.45 percent year-on-year to RMB 7.154 billion ($105.52 million).

Over the same period, the company produced a total of 4.09 million tons of coal, up 5.57 percent year-on-year.

Kailuan Energy Chemical said that an upbeat coal market and the successful operations of a few of its coal-chemical projects contributed to the spikes in business revenue and net profit.

The company also announced that it would invest $64.29 million to develop two coalfields in Canada.