Jingmei Group's total profits hit RMB 226 mln in Jan-May

Jul. 1, 2009 (China Knowledge) - Jingmei Group, previously known as Beijing Coal Mining Bureau, reaped RMB 226 million in total profit in the first five months of this year, which accounted for 68% of the annual goal, sources reported.

During the period from January to May, the state-owned enterprise, which is principally engaged in coal development, recorded total operating revenue of RMB 2.97 billion. Domestic coal sales hit RMB 940 million, which was RMB 147 million more than expected and RMB 125.08 million more compared with the same period of last year.

However, an official of the group has said that the firm's coal orders declined 400,000 tons year on year in 2009, and that the coal price shrank to US$90 per ton from the previous US$180 per ton.

In the first five months, the company earned RMB 701 million in the tertiary sector, developing of hotel, restaurant, tourism and airline services.

Reportedly, before the end of the year, Jingmei Group will begin mining at a site in Erdos City, Inner Mongolia Autonomous Region that will yield an estimated 6 million tons of coal per year. In addition, one of the firm's power generation projects, located in Inner Mongolia's Wuhai City, will begin supplying power this year.