Shaanxi Coal Industry Co., Ltd., a listed subsidiary of Shaanxi Coal and Chemical Industry Group, reported a year-on-year decline of 39.59% in net profit attributable to shareholders to 21.26 billion yuan ($2.96 million) for the first half year.
The company's operating income increased 2.38% from the year prior to 170.81 billion yuan and its total profits amounted to 42.27 billion yuan, down 33.80% on the year.
Shaanxi Coal achieved a total owner's equity attributable to shareholders of the listed company of 89.31 billion yuan in 2023, a decrease of 17.99% compared to the beginning of the period; the net asset attributable to shareholders of the listed company was 9.21 yuan per share, a 17.99% drop.
According to its latest report, the company produced 164 million tonnes of raw coal in 2023, up 4.10% from the year-ago level; coal sales rose 12.60% on the year to 253 million tonnes.
Shaanxi Coal mainly attributed the yearly changes in the company's performance to the significant contribution from the accounting method change of LONGi Green Energy and the disposal of a portion of LONGi Green Energy shares, as well as a substantial year-on-year decline in coal prices in 2023.
(Writing by Riley Liang Editing by Alex Guo)
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