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Yanzhou Coal expects price rallyWu Xiangqian, the director and general manager of mainland's Yanzhou Coal Mining (1171) expects the coal price to rally in the second half, given the
unsaturated market, along with increasing demand from the company's
South Asian customers.The Shandong-based company declared an interim dividend for the first time of 1 yuan (HK$1.10) per share.
Yanzhou Coal reported half-year net profit of 5.81 billion yuan, up by 25.68 percent over a year earlier. Earnings per share were 1.18 yuan.
Chief financial officer Zhao Qingchun said the company will maintain its dividend payout ratio no less than 35 percent.
Revenue grew by 3.16 percent year-on-year to 33.24 billion yuan. Coal sales volume was 55.29 million tons, almost the same as the year-before period.
The company canceled a non-public issuance of its A-shares, which was planned since 2017.
Zhao said the company withdrew the issuance as its A-share price could not reflect the performance, and there was no clear target for the company to raise funds.
Source: The Standard
http://www.thestandard.com.hk/breaking- ... 0902&sid=2
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