Jinwu Financial News | China Coal Energy (01898) announced that in the first quarter of 2024, the company achieved net profit attributable to shareholders of listed companies of 4.97 billion yuan (RMB, same below), a year-on-year decrease of 30.5%; basic earnings per share were 0.37 yuan, a year-on-year decrease of 31.5%.
During the period, the company achieved revenue of 45.395 billion yuan, a year-on-year decrease of 23.3%.
In the first quarter, the company's coal business achieved revenue of 37.483 billion yuan, a decrease of 13.261 billion yuan or 26.1% compared with 50.744 billion yuan in the same period last year. Among them: Self-produced commercial coal sales revenue was 19.306 billion yuan, a decrease of 2,536 billion yuan over the same period last year, a decrease of 11.6%. The main reason was that the sales price of self-produced commercial coal fell 73 yuan/ton year on year, and revenue decreased by 2,362 billion yuan; sales volume decreased by 260,000 tons year on year, and revenue decreased by 174 million yuan. Sales revenue from buyout trade coal was 18.167 billion yuan, down 10.718 billion yuan from 28.885 billion yuan in the same period last year, down 37.1%. The main reason was that sales volume of buyout trade coal decreased by 9.58 million tons and revenue decreased by 7.036 billion yuan; sales prices fell 124 yuan/ton year on year, and revenue decreased by 3,682 billion yuan.
The operating cost of the coal business was 27.356 billion yuan, a decrease of 10.156 billion yuan, or 27.1%, compared with 37.512 billion yuan in the same period last year. Among them, the sales cost of self-produced commercial coal was 9.401 billion yuan, an increase of 524 million yuan over the previous year, mainly due to the year-on-year increase in the amount of self-operated coal mine divestments and the year-on-year increase in the remuneration level of first-line production teams, and a year-on-year reduction in the balance of the current special fund, which increased the sales cost of self-produced commercial coal by 18.42 yuan/ton over the same period, and a year-on-year decrease of 260,000 tons; the sales cost of bought out trade coal was 17.955 billion yuan, a year-on-year decrease of 10.68 billion yuan. The coal business achieved gross profit of 10.127 billion yuan, a decrease of 3.105 billion yuan or 23.5% compared with 13.232 billion yuan in the same period last year.