Kailuan Energy Chemical Co., Ltd., a major coal producer in Hebei province, registered a 6.2% yearly fall in net profit to 1.08 billion yuan ($164.39 million) in 2020, the company said in its annual report.

Operating revenue also declined 9.4% year on year to 18.18 billion yuan with the decline widening compared with the same period last year. Base earnings were 0.68 yuan per share.

The decline in revenue was mainly due to decreased selling prices and volumes, it said.

The company last year produced 7.18 million tonnes of raw coal, up 6.98% from the previous year; washed coal 3.24 million tonnes, up 6.36% from the preceding year.

The company sold 1.75 million tonnes of washed coal to the market, up 2.46% from the previous year.

Coal generated 12.80% of the company's annual revenue at 2.33 billion yuan.

The company produced 6.67 million tonnes of coke in 2020, down 5.33% year on year, in which 6.69 million tonnes were sold to the market, down 5.15% year on year.

Methanol output was 199,900 tonnes, up 10.69% year on year, in which 139,500 tonnes was sold to the market, up 2.5% year on year.

The company's coal mines in Tangshan produce fat coals renowned home and abroad, with low ash, medium-to-high volatile content, high calorific value, and strong cohesiveness. As of December 31, coal reserves in the Tangshan mines reached 593.26 million tonnes.

In 2021, the company plans to produce 8.1 million tonnes of raw coal, 3.06 million tonnes of washed coal, and 6.55 million tonnes of coke. Washed coal sales are expected to reach 1.66 million tonnes.

The first quarter performance forecast showed that the company's net profit is expected to increase 256- 306 million yuan compared with the same period last year, surging 78.94-94.35% year on year.

(Writing by Lilya Li  Editing by Harry Huo)
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