Gelonghui, March 28, 丨 Feishang Anthracite (01738.HK) announced that for the year ended December 31, 2023, revenue from continuing operations decreased by about 38.2% to approximately RMB 990 million; parent company owners should account for losses from continuing operations of approximately RMB 493 million, while profit for the year ended December 31, 2022 was approximately RMB 26 million; and the basic loss per share from continuing operations was approximately RMB 0.36 million.
The decrease in revenue and gross profit recorded in the year was mainly due to (i) the Group's operations were still affected by the complexity of the geological situation of the existing coal mining work surface and the temporary shutdown of the Group's two major coal mines (Yongsheng Coal Mine and Dayun Coal Mine) from October 2023 to March 2024; (ii) the decline in coal market prices in 2023 compared to 2022, plus a significant proportion of coal products sold to power plants at specified prices; and (iii) a strict safety and environmental regulatory environment. As a result, the sales volume and average price of the Group's coal products decreased compared to the previous year.
Furthermore, due to existing interest-bearing loans carried forward from 2022, the Group also continued to bear financial burdens, which further weakened the Group's profitability. In order to seize the opportunity of the current strong coal market, the Group strictly complies with its business strategy by focusing on coal quality management and capacity expansion, optimizing product structure and marketing strategies, strengthening production safety management and environmental protection efforts, and strengthening fine management and cost control.