Jizhong Energy Resources Co., Ltd., a listed subsidiary of state-owned coal producer Jizhong Energy Group in Hebei province, estimated its net profit to surge 151.91-179.04% year on year in the third quarter, according to its statement released on October 14.
The coal miner's net profit is estimated to reach 650-720 million yuan ($101.13-112.02 million) during the period, said the statement.
The net profit attributable to shareholders in the first three quarters amounted to 1.25-1.45 billion yuan, up 52.06-76.39% from the same period of 2020.
The company ascribed the excellent performance of the first three quarters mainly to sustained hikes of coal prices.
As of December 31 of 2020, the miner had 21 coal mines in Hebei, Shanxi and Inner Mongolia, with geological reserves combined at 3.06 billion tonnes and approved capacity at 33.3 million tonnes per annum. It produces and sells primary coking coal, 1/3 coking coal, fat coal, gas-fat coal and lean coal.
(Writing by Lilya Li Editing by Tammy Yang)
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