Yancoal increases profit and production
PERTH (miningweekly.com) – Along with increasing coal production in the first half of 2019, ASX-listed Yancoal Australia has reported an increase in profit after tax, which reached $564-million, compared with the $361-million in the previous corresponding period.
Revenue from continuing operations remained stagnant over the period under review, at $2.3-billion, while operating earnings before interest, taxes, depreciation and amortisation declined from $980-million to $940-million between the first half of 2018 and the first half of 2019.
Yancoal’s share of run-of-mine production reached 22.7-million tonnes in the six months under review, up from the 20.7-million tonnes in the previous corresponding period, while the company’s total saleable coal production reached 17.8-million tonnes, up from 16.4-million tonnes.
Sales volumes of attributable mine production also increased from 15.7-million to 16.5-million tonnes in the same period.
“At the half-way point of the year, Yancoal remains on target to achieve our 2019 operational goals, annualised attributable saleable coal volume is 35.6-million tonnes, compared to guidance of around 35-million tonnes,” said CEO Reinhold Schmidt.
“In response to market conditions impacting the realised price we achieved in the latter months of the first half, we are focused on optimisng our sales mix and volumes for the current international market.
“Coal remains a critical part of global baseload energy supply, and Yancoal is an integral part of the solution to satisfy the ongoing international demand for high-quality coal.”
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