By Chua Kong Ho and Zhang Shidong
Jan. 22 (Bloomberg) -- Pingdingshan Tianan Coal Mining Co., which operates mines in Henan province, led a rally in Chinese producers of the fuel after saying profit for 2008 more than doubled.
Pingdingshan Tianan gained 6.8 percent to 18.14 yuan at the close, a third-straight gain and the highest since Sept. 2.
Coal stocks also gained after oil climbed 6.6 percent yesterday, paring this year’s loss to 1.4 percent. Power-station coal prices at Australia’s Newcastle port, a benchmark for Asia, held at an eight-week high last week.
“Coal stocks got a short-term boost from rising crude oil prices and some earnings from coal producers that are better than expected,” said Zheng Tuo, who manages $790 million at Bank of Communications Schroders Fund Management Co. in Shanghai.
Pingdingshan Tianan said yesterday that its 2008 profit more than doubled from the year earlier, without giving a specific number, according to its preliminary earnings statement to the Shanghai stock exchange. Profit for 2007 was 1.1 billion yuan ($161 million), the statement said.
China Shenhua Energy Co., the nation’s biggest coal producer, climbed 4.4 percent to 20.24 yuan. Yanzhou Coal Mining Co., China’s fourth-biggest producer, gained 5.4 percent to 10.21 yuan. Shanxi Lu’an Environmental Energy Development Co., based in northern China, advanced 9 percent to 18.97 yuan.
Taiyuan Coal Gasification Co., which sells coal and related chemical products, gained 10 percent to 12.01 yuan, after saying today its 2008 profit rose between 136 percent and 154 percent from a year earlier.
Henan Shen Huo Coal Industry & Electricity Power Co., a coal mining and electricity producer, gained 7.9 percent to 17.62 yuan. The company said profit last year rose by between 40 percent and 60 percent from a year earlier.
To contact the reporter responsible for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net; Zhang Shidong in Shanghai at Szhang5@bloomberg.net
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