Yancoal leads ASX 200 losers after reporting lower sales
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The news: Yancoal took the biggest share price hit among companies on the ASX 200 in morning trade after the coal miner reported a decline in sales volume in the June quarter.
The numbers: Shares in Yancoal had fallen 6.6% to $5.79 at midday AEST despite the broader energy sector having increased by 0.3%.
Overnight Yancoal reported a 12% rise in raw unprocessed coal production quarter over quarter, but saw attributable saleable production fall 1% and sales volume drop 3.1%.
The context: The dip in sales was attributed to temporary port closures at the Port of Newcastle due to weather events. Yancoal expects to reduce its accumulated inventory to fully recover its sales position in the current quarter.
The company also flagged that geopolitical uncertainty in the Middle East and trade tariffs have yet to impact underlying demand factors.
Yancoal said it remains optimistic about meeting its full-year guidance for financial year 2025.
The source: ASX
