China National Coal Q3 profit slows
8 October 2008
China National Coal Group Corp, the parent of Hong Kong-listed China Coal Energy, recorded 58.7% year-on-year profit growth in the third quarter, down from 74.8% posted in the first six months of the year, the South China Morning Post reported. Third-quarter turnover was up 42.9% over the same period last year, slowing from 50.8% in the first half. The slowdown was seen as a sign that the state-owned energy company had been relying on high coal prices to maintain profit growth, while an industry insider was cited as saying that it was related to a drop in third-party coal purchases as smaller mines were forced to close during the Olympics.