Fall in profits for coal companies

Nearly 90 percent of the listed Chinese coal companies reported a decline in net profits in 2012 amid sluggish coal market prices, Securities Daily reported on Monday.

Among the 25 coal mining enterprises who released details of their financial performance last year, 22 said their profitability was down, according to the report. China has 32 coal mining companies listed on the mainland stock markets.

"The flat economy weakened coal consumption last year," said the report, citing an anonymous industry researcher. "In the meantime, imported coal also impacted on the business of local miners," the researcher added.

The price of 5,500 Kcal thermal coal was less than 620 yuan per ton ($100/ton) as of April 5, according to Bohai-Rim Steam-Coal Price Index. At the end of 2011 the price was more than 1,000 yuan per ton.

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