Yancoal Australia Shares Fall 17% After Reporting 57% Profit Decline in H1

MT Newswires Live08-20

Yancoal Australia Ltd (ASX:YAL, HKG:3668) shares plummeted almost 17% on Tuesday as the coal producer posted on Monday a 57% plunge in profit attributable to the owners in the first half of 2024 to AU$420 million from AU$973 million a year ago.

Earnings per share in the six months ended June 30 fell to AU$0.318 from AU$0.734 a year earlier, while revenue fell 21% year on year to AU$3.14 billion, mainly due to a drop in coal sales.

Yancoal Australia has seen disruption from cost inflation in the coal sector and is reinvesting in its Tier 1 assets, maximizing production and optimizing its cost base, according to CEO David Moult.

"Coal markets appear relatively well balanced, seasonal or temporary supply and demand factors continue to determine short-term price trends. As always we aim to maxinise operating cash flow by balancing volume, costs, coal quality and capital expenditure," he said.

The company did not declare an interim dividend for the six months ended June 30 to retain cash to give flexibility for "potential corporate initiatives", the Monday filing stated.

Price (HKD): $5.80, Change: $-1.2, Percent Change: -16.67%

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