China National Coal profits up 93% in 2007

Beijing-based China National Coal Group reported its profits jumped 93% in 2007 to reach RMB 7.71 billion, boosted by output increase.

In a statement on the website of its Hong Kong-listed subsidiary China Coal Energy Company<601898><1898>, the operation revenue of the Group amounted to RMB 57.3 billion last year, up 9.5% compared with 2006 and gross coal output totaled 105 million tons, 16% higher than the same period of the previous year.

The profit figure hits record high in the Group's history, thanks to significant output increase spurred by rising market demand, the company said.

China Coal Energy is now selling 1.53 billion A shares in mainland China with prices ranging from RMB 16 to RMB 16.83 per share. Online subscription has started today.

The proceedings raised from the IPO will be used in coal production project and relevant management and acquisitions, according to the company.