Yancoal shares slide on first-half profit decline
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The news: Shares in Dual ASX and Hong Kong Stock exchange-listed coal producer Yancoal fell in afternoon trade after it reported on Tuesday evening that first-half profit after tax had slipped 61% year on year amid weak coal prices.
The numbers: At 12:59pm AEST, shares in Yancoal had slipped 8.1% to $5.72 on the ASX. Its shares had also fallen about 8% on the Hong Kong stock exchange.
The context: Yancoal’s half-year profit after tax fell year on year despite a 16% increase in run of mine coal production to 32.2 million tonnes, the highest in the past five years.
The average realised selling price for thermal coal had fallen 12% while for metallurgical coal it had fallen 35%.
The source: ASX
