Feishang Anthracite (01738) announced its 2023 annual results, with revenue of 991 million yuan (RMB, same below),...
According to the Zhitong Finance App, Feishang Anthracite (01738) announced its 2023 annual results, with revenue of 991 million yuan (RMB, same below), a year-on-year decrease of about 38.2%; losses attributable to shareholders were 493 million yuan, while profit of 26 million yuan was achieved in the same period in 2022; loss per share was 0.36 yuan.
According to reports, the decline in earnings was mainly due to a drop in the average selling price of self-produced anthracite and a decrease in sales volume. The sales volume of self-produced anthracite decreased from about 2.89 million tons in 2022 to about 2.3 million tons in 2023, a decrease of about 20.6%. The reasons for the decline in sales are: (1) the Group faced complicated geological conditions in the existing coal mining work surface; and (2) production was stopped due to several gas overrun incidents in Yongsheng Coal Mine and Dayun Coal Mine due to untimely gas emissions during the mining process, exceeding applicable regulatory restrictions. The average selling price of self-produced anthracite (after VAT) was reduced from 554.2 yuan per ton in 2022 to 431.4 yuan per ton in 2023, down about 22.2%, mainly due to the decline in coal quality in the Group's coal mines and the overall price drop in the mainland China coal market.