China's second largest coal firm sees profit rise in H1

BEIJING -- China's second largest coal producer reported a profit rise in the first half of this year thanks to better production management and a rise in the price of coal, the company said Monday.

China Coal Energy Company Limited, a listed company on the Shanghai Stock Exchange, estimated its net profit at between 350 million yuan ($52.4 million) and 520 million yuan, a remarkable turnaround considering that in 2015 H1 the company suffered a loss of 965 million yuan.

The State-owned coal firm attributed the turnaround to more rational production management, cost reduction, assets sales and coal price rises.

The country's state enterprise regulator announced last week that China's State-owned steel and coal enterprises should cut 15 percent of their capacity in the next five years to improve efficiency.