Coal's second-quarter results are hard to find last year

In the first quarter of this year, changes in accounting practices have led to a one-off profit growth for coal-listed companies, while Better-than-expected performance growth has attracted a large number of funds to be stationed in the coal sector. Analysts still said that, throughout the year, small coal mine renovation efforts, coal prices to a certain extent still support.　　But loose market supply and demand determined that coal prices in the two quarter of last year's sharp rise in the same period. Accounting costs Fall "fattening" results in the first quarter of this year, the net profit of coal listed companies rebounded sharply, surpassing the previous market expectations. In the four quarter of last year, under the influence of the international financial crisis, the price of coal sales fell, the earnings of listed companies fell, the four quarter net profit from the three quarter of 21.207 billion yuan to 11.231 billion yuan.　　In the first quarter of this year, the net profit of coal listed companies reached 15.875 billion yuan, the chain increased by 41.36%, an increase of 23.2% year-on-year, exceeding market expectations. Zhejiang Merchants Securities coal industry researcher Tian Gawei in the report that the decline in accounting costs is a coal listed companies to maintain the growth of profitability is an important factor. "The Ministry of Finance on the implementation of Corporate Accounting Standards 2008 Annual report," the request, the coal enterprises in the past from the cost of the dimension of simple fees, production costs, coal mine conversion and development funds and mining environment to restore the governance margin of four costs, the future must be in the unallocated profit, no longer affect the　　Therefore, the corporate financial statements reflect the increase in net profit. Taking Datong coal industry as an example, according to the new accounting standards, the company will be in the raw coal cost of the security fees charged to the "surplus reserves" under the name of "special reserve" accounting, the company's operating costs for the first quarter of 740 million yuan, lower than the same period of 230 million yuan a year, the decline of 25%.　　Tian Gawei's calculations show that the coal industry in the first quarter of the ton of coal cost from the same period last year to 190 yuan to 170 yuan this year, reduced by 20 yuan. On the other hand, the first quarter of this year, affected by the downstream industry replenishment inventory, domestic coal demand has rebounded, coal production sales have increased. According to China Coal Industry Association Statistics, the first quarter of the national total coal production completed 554.3 million tons, an increase of 27.52 million tons, an increase of 5.22%, coal sales completed 532.13 million tons, an increase of 15.15 million tons, an increase of 2.9%.　　In terms of prices, the average sales price in the first quarter has fallen sharply from the 2008 highs, but is still higher than the same period last year, similar to the annual average of 2008. Second quarter results lack of bright spot in the two quarter is coal demand off-season, the State Grid company Dispatch center of the latest statistics show that April the national power generation fell 3.55%, compared to the March chain also has a sharp decline.　　And the recent increase in hydropower, the thermal power generation "extrusion effect", coal supply and demand overall loose. Listed companies in the first half of the performance is also not optimistic.　　Already predicted the first half of the results of the four coal companies, only the open-air coal industry for a slight increase, the other two, a first loss. Yanzhou Coal said that the impact of the global financial crisis, domestic and foreign coal demand reduction, will lead to the companyThe average price of coal sales is down, and the company's net profit for shareholders in the first half of 2009 is expected to fall by more than 60% from the same period in 2008. Since April, the limited degree of Shanxi small coal mine has been relaxed, and the coal price of Hang Hau has been slightly recalled.　　However, April 28, the NDRC and other 4 departments for the national 300,000 tons/year and below the coal mine for Gas special remediation, the renovation time plan in about 1.5, production of about 30% of the country's small coal recovery pace was again slowed down. Industry insiders said that if the coal supply and demand in the last year of tight balance, such a small coal mine renovation will lead to a rapid rise in coal prices. As was the "hundred-Day security check" launched last April to July.　　However, the current situation is that the coal market supply and demand is relatively loose, insufficient downstream effective demand, small coal mines can only play to maintain the price stability of the role of coal market prices are difficult to reproduce the sharp rise last year.　　Tian Gawei that the special renovation of small coal mines will reduce the supply capacity of coal in the next 1-2 years; On the other hand, the domestic coke coal mines are mostly small coal mines, and the special renovation of small coal mines has a greater impact on coking coal production. Newspaper Information Pictures