By Jiang Jianguo
Oct. 30 (Bloomberg) -- Datong Coal Industry Co., China's second-biggest producer of the fuel by capacity, surged as much as 10 percent in Shanghai trading after saying 2008 profit may more than triple because coal prices rose and income tax fell.
The stock climbed 8.9 percent to 12.20 yuan at 10:29 a.m. local time, paring this year's loss to 62 percent after earlier gaining by the daily limit. China's benchmark CSI 300 index has fallen 68 percent this year.
Datong Coal, based in China's Shanxi province, made the forecast in a Shanghai stock exchange statement today. The company's 2007 net income was 499.3 million yuan ($73 million), according to its annual report.
To contact the reporter on this story: Jiang Jianguo in Shanghai at jjiang@bloomberg.net
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