Yanzhou Coal Third-Quarter Profit Drops 70% on Currency Loss
Oct. 21, 2011 09:17AM PST
Industrial MetalsBloomberg reported that currency losses caused Q3 profit decreases for Yanzhou Coal Mining Co. (NYSE:YZC).
Bloomberg reported that currency losses caused Q3 profit decreases for Yanzhou Coal Mining Co. (NYSE:YZC).
As quoted in the market news:
Yanzhou, which bought Australia’s Felix Resources Ltd. for A$3.1 billion ($3.2 billion) in 2009, reported a 1 billion-yuan foreign-exchange loss in the third quarter after the Australian dollar fell 10 percent against the U.S. currency during the period. The Chinese coal producer posted a 1.8 billion-yuan foreign-currency gain a year earlier.