Yancoal Australia reports $688m H1 loss

Yancoal Australia Ltd, controlled by one of China's biggest coalminers, reported on Saturday a first-half loss of A$749 million ($688 million) and total revenue of A$718 million.

During the same period last year, the company saw profits of A$410 million.

Yancoal, which is 78 percent-owned by Yanzhou Coal Mining Co, will bring a net loss of about 3.3 billion yuan ($534 million) to its parent company.

Falling coal prices and the depreciation of the Australian currency were two factors for huge loss, website China Coal Resource quoted analyst Zhang Pengcheng as saying.