Yankuang Energy First-Quarter Profit Fell 15%
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Dow Jones
By Yifan Wang
Yankuang Energy Group Co. said its net profit fell 15% in the first quarter, as costs rose faster than revenue and weighed on the bottom line.
The Chinese coal miner posted net profit of 5.65 billion yuan ($816.0 million), down from CNY6.68 billion a year earlier.
Revenue rose 7.8% to CNY44.42 billion, it said Friday.
However, operating costs rose by a steeper pace of 18%, mainly due to a 30% jump in its cost of coal sales. The higher coal sales cost was in part a result of lower coal production volume, which dragged on the company's unit cost efficiency.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
April 28, 2023 05:14 ET (09:14 GMT)
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