Coal mines to boost Qinfa output

PUBLISHED : Wednesday, 30 March, 2011, 12:00am
UPDATED : Wednesday, 30 March, 2011, 12:00am

China Qinfa Group, the nation's largest privately owned coal trading and logistics firm, expects a maiden contribution of two to three million tonnes of output from coal mines in which it invested over the past year, said chief executive Wang Jianfei. It has budgeted 800 million yuan (HK$949.21 million) for construction of a coal port in Zhuhai and to build coal-carrying vessels. Its share price fell 11.5 per cent to HK$4.47 in the past two days after it posted a slightly better than expected 191 per cent net profit jump to 377.2 million yuan last year.