HONG KONG, Jan 21, 2019 - (ACN Newswire) - Kinetic Mines and Energy Limited ("Kinetic Mines", together with its subsidiaries, the "Group"; stock code: 1277), a leading integrated coal enterprise in China, is pleased to announce a positive profit alert. It is expected that the Group's consolidated net profit for the year ended 31 December 2018 will increase significantly by over 40% compared to the corresponding period last year.
It is mainly attributable to a remarkable growth in the Group's turnover. The Group recorded a total sales of over RMB2,400.0 million for the year ended 31 December 2018, representing an increase of approximately 35% over the total sales of the Group in 2017. In addition, the average selling price of the Group's coal products remained relatively stable for the year ended 31 December 2018 compared to the year ended 31 December 2017.
This information is based only on the preliminary assessment by the Board of Director of the Company upon its review of the unaudited management accounts of the Group for the year ended 31 December 2018, and other information currently available to the Company which has not been reviewed or audited by the Company's independent auditor.
About Kinetic Mines and Energy Limited
Kinetic Mines and Energy Limited is a leading integrated coal enterprise in China covering in coal production, washing, loading, transportation and coal trading. Well-established business segments throughout the industry chain can optimize the Group's profit. In addition, thanks to the Group's large capital investment in the previous years, its "Dafanpu" is built as one of best coal mine in terms of safety and efficiency in China. By leveraging the competitive edge of low cost and industry chain owned by the Group, Kinetic Mines is able to maintain a strong cash flow and profit in current coal market.
Topic: Press release summary
Source: Kinetic Mines and Energy Limited
Sectors: Metals & Mining, Daily Finance, Daily News
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