Yanzhou Coal Third-Quarter Profit Drops 70% on Currency Loss

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.

Click here to read the full Bloomberg report.