NBS: China's coal mining, washing industry profits slump 49% YoY in Jan-Apr

The combined profit of major enterprises in China's coal mining and washing industry reached Yuan 102.68 billion ($14.3 billion) during the first four months of this year, plummeting by 48.9% on year, according to latest data issued by the National Bureau of Statistics (NBS) on May 27. The NBS defines major enterprises as those with annual primary business revenue of Yuan 20 million or more.

Operating revenue for the industry totalled Yuan 844.09 billion in January-April, down 18% on year, the NBS data show. Although the association doesn't specify reasons for coal miners' weakened profitability, the profit plummeting during the past four months is likely linked to continuous reductions in coal prices, Mysteel Global notes. During