The Australian company losses a $749 million down yanzhou half year performance

On August 17, yanzhou overseas subsidiary company's first-half results in 2013 announcement, yanzhou coal Australia co., LTD. (hereinafter referred to as the entity to the Australian company) in the first half of the revenue of $718 million; Loss of a $749 million (4.215 billion yuan), and a $410 million profit over the same period of last year is losses.

China's coal resources network analyst Zhang Pengcheng to the "daily economic news" reporter said, high cost or the cause of entity to the Australian subsidiary losses, Australian dollar pipe fitting 45 degree LR elbows also drew huge exchange loss.

As early as July 31, yanzhou announcements in the first half of 2013 performance forecast correction, in the first half of 2013 it is expected that the company net profit loss about 2.35 billion yuan. It is reported, yanzhou currently owns a 78% stake in entity to Australian companies. According to this calculation, the Australian subsidiary to yanzhou's net profit loss of 3.288 billion yuan.

Turn entity to Australian companies profit losses is behind the Australian coal city, the change of the domestic market prices fall sharply this year, coal prices have also experienced a sharp drop Long Radius 90 Deg carbon seamless elbow in Australia. China coal broad consultation center coal analyst Zhang Zhibin told the daily economic news "reporter said, because Australian coal prices fall, leading to the Australian mining giant to sell the phenomenon such as mining, layoffs.

"This year, coal prices fell 30% in the year to now Australia." Zhang Pengcheng told reporters that entity to Australian companies related to its itself is the high cost of losses, Australia 5500 calories of thermal coal current average offshore costs about $60 - $70 / ton, but the offshore entity to Australia cost about 90 dollars/tons, and at present according to the China southern port 5500 calories of thermal coal, $77 per ton cif entity to Q235 seamless carbon steel pipe the high cost of Australian companies.

In addition, the substantial depreciation of Australian dollars for renminbi since the beginning of the year also let yanzhou bear huge exchange loss.Released on July 31, yanzhou, according to the "correct" performance prediction in the second quarter of yanzhou coal business in Australia in the 3.26 billion dollar exchange loss, directly led to the loss of the listed company.

Zhang Pengcheng told reporters that since early this year, the Australian dollar devaluation of the renminbi is as high as 15%, "this is the equivalent of Australian coal cost over there fell by 15%, but the entity in the Australian converted into RMB, loss is very big, so for the Australian dollar into RMB lost."