Datong Coal targets 2010 coal output of 27.80 million tons
Shanghai. April 22. INTERFAX-CHINA - Shanghai Stock Exchange-listed Datong Coal Industry Co. Ltd., a mid-sized coal producer in Shanxi, plans to produce 27.80 million tons of coal in 2010, the company announced on April 22 in its annual report.
In 2009, the company produced a total of 25.79 million tons of coal. The majority of its coal production, around 17.46 million tons, was sold outside Shanxi, the company said in the report.
Datong Coal's average sales price in 2009 stood at RMB 432.50 ($63.32) per ton, the company said.
The company recorded revenue of RMB 9.49 billion ($1.39 billion) in 2009, representing a year-on-year increase of 12.98 percent. Its net profits in the same year grew by 2.55 percent year-on-year to RMB 1.49 billion ($218.16 million), according to the report.
The company forecast its business revenues in 2010 would expand to RMB 10.3 billion ($1.51 billion) thanks to an increase in coal output.
Nevertheless, Datong Coal cautioned against increasing investments in coal production by power generators in China, a move which would boost competition in the domestic coal market.
The possibility of hikes in resource taxes and water and electricity prices by China's central economic planning authorities might also threaten the coal industry's profitability, the company said.
-WV