Yanzhou Coal (600188) announced on the 26th that a quarterly earnings report, earnings per share of 0.43 yuan, an increase of 190%, performance exceeded expectations. However, the joint venture established by the Yung Shue Wan Coal Mine Company, which has plagued the company for many years, has remained stagnant. This directly led to the company’s spending of 600,000 tons of methanol project in Yanzhou Coal Yulin Energy Chemical Co.
Yulin Nenghua Chemical Co., Ltd. is a coal chemical company set up by Yuzhou Coal in Yulin City, Shaanxi Province. Its main product is methanol. The company's first phase of 600,000 tons of methanol project began trial production in December 2008 and was officially put into commercial operation in August 2009. In the same year, it produced 190,000 tons of methanol, sold 178,000 tons, realized sales revenue of 236.626 million yuan, and had a sales cost of 347.393 million yuan. The revenue and cost were significantly upside down, and the company had a loss of 268.892 million yuan in the year.
Yanzhou Coal's 2009 annual report and 2010 quarterly report showed that in 2010, Yulin Nenghua methanol production plan was 550,000 tons; in the first quarter of 2010, methanol production was 116,000 tons, sales volume was 115,000 tons, sales revenue was 1961.61 million yuan, and the cost of sales was 19.013 million yuan. Although the profitability of Yulin Nenghua was not listed in the quarterly report, the analysts in the industry, after deducting depreciation and expense factors, will definitely lose money in the first quarter of the year.
Relevant person in charge of the company said in an interview with reporters that the loss of the methanol project was mainly due to the fact that the Yushuwan Coal Mine Co., Ltd., which is supported by the methanol project, has not yet been incorporated and affected by many factors and cannot provide the necessary raw material coal for the methanol project. The purchase of coal has resulted in high methanol costs and is unable to achieve profitability. The company is also helpless. In the event that the supporting Yushuwan coal mine cannot be normally produced, the methanol project may continue to suffer losses.
As for the issue of the Yung Shue Bay JV, the China Securities Journal had reported in July 2009 that the “Three-Party Game Contains 3.5 Billion Yuan of “Fruitless Rice†has been reported as the topic of “cooking riceâ€.
After the publication of the report, the attention of relevant departments in Shaanxi Province was once brought to the attention of the relevant departments. The Shaanxi Provincial Development and Reform Commission reported the relevant documents to the National Development and Reform Commission in November 2009. The National Development and Reform Commission has arranged China International Engineering Consulting in January 2010. The company conducts a holistic assessment of the joint venture project and provides a basis and reference for project approval. The current project assessment report is still under preparation. In its 2009 annual report, the company stated that the Yushuwan Coal Mine Company of Shaanxi Province is in the process of establishing the establishment and will accelerate the establishment of the company in 2010 and strive to put it into commercial operation as soon as possible.
Yulin Nenghua Chemical Co., Ltd. is a coal chemical company set up by Yuzhou Coal in Yulin City, Shaanxi Province. Its main product is methanol. The company's first phase of 600,000 tons of methanol project began trial production in December 2008 and was officially put into commercial operation in August 2009. In the same year, it produced 190,000 tons of methanol, sold 178,000 tons, realized sales revenue of 236.626 million yuan, and had a sales cost of 347.393 million yuan. The revenue and cost were significantly upside down, and the company had a loss of 268.892 million yuan in the year.
Yanzhou Coal's 2009 annual report and 2010 quarterly report showed that in 2010, Yulin Nenghua methanol production plan was 550,000 tons; in the first quarter of 2010, methanol production was 116,000 tons, sales volume was 115,000 tons, sales revenue was 1961.61 million yuan, and the cost of sales was 19.013 million yuan. Although the profitability of Yulin Nenghua was not listed in the quarterly report, the analysts in the industry, after deducting depreciation and expense factors, will definitely lose money in the first quarter of the year.
Relevant person in charge of the company said in an interview with reporters that the loss of the methanol project was mainly due to the fact that the Yushuwan Coal Mine Co., Ltd., which is supported by the methanol project, has not yet been incorporated and affected by many factors and cannot provide the necessary raw material coal for the methanol project. The purchase of coal has resulted in high methanol costs and is unable to achieve profitability. The company is also helpless. In the event that the supporting Yushuwan coal mine cannot be normally produced, the methanol project may continue to suffer losses.
As for the issue of the Yung Shue Bay JV, the China Securities Journal had reported in July 2009 that the “Three-Party Game Contains 3.5 Billion Yuan of “Fruitless Rice†has been reported as the topic of “cooking riceâ€.
After the publication of the report, the attention of relevant departments in Shaanxi Province was once brought to the attention of the relevant departments. The Shaanxi Provincial Development and Reform Commission reported the relevant documents to the National Development and Reform Commission in November 2009. The National Development and Reform Commission has arranged China International Engineering Consulting in January 2010. The company conducts a holistic assessment of the joint venture project and provides a basis and reference for project approval. The current project assessment report is still under preparation. In its 2009 annual report, the company stated that the Yushuwan Coal Mine Company of Shaanxi Province is in the process of establishing the establishment and will accelerate the establishment of the company in 2010 and strive to put it into commercial operation as soon as possible.
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