Yancoal Australia achieved operating income of A$4.78 billion ($3.31 billion) during the first half of 2022, a year-on-year surge of A$3 billion or 169%, thanks to the sharp rise in coal prices, the company said in a half-year financial report on August 17.
The average coal selling price was A$314/t, soaring 234% year on year. Among them, the average metallurgical coal price was A$402/t, compared with A$122/t in the same period last year, and that of thermal coal was A$298/t, compared with A$89/t in the preceding year, the company said.
The company's net profit attributable to the parent company stood at A$1.74 billion, shifting to a year-on-year growth from a loss of A$129 million in the same period last year; earnings before interest, tax, depreciation and amortization (EBITDA) was A$3.15 billion, much higher than the A$ 406 million in the same period last year.
Yancoal Australia's attributable coal sales were 15.7 million tonnes during the first half, down 8.72% year on year. Among them, the sales of thermal coal were 13.3 million tonnes, down 8.28% and that of metallurgical coal stood at 2.4 million tonnes, falling 11.1%.
Yancoal Australia lowered its commercial coal production target for 2022 from 35-38 million tonnes to 31-33 million tonnes due to factors such as extreme rainfall, reduced labor force caused by the COVID-19 epidemic, and pressure on operating costs.
(Writing by Emma Yang Editing by Harry Huo)
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