Yunnan Coal & Energy (600792.SH) announced that the company is expected to have a net income of -0.246 billion to -0.22 billion yuan attributable to shareholders of the listed company in the first half of 2024, with an increased loss of 186.7855 million to 212.7855 million yuan compared to the same period last year. The company is also expected to have a net income excluding non-recurring gains and losses of -0.2545 billion to -0.2285 billion yuan attributable to shareholders of the listed company in the first half of 2024, with an increased loss of 185.4566 million to 211.4566 million yuan compared to the same period last year.
In the first half of 2024, the company's main business suffered losses and increased significantly compared to the same period last year, mainly due to the following reasons: First, in the same period last year, the 2 million tons/year coking eco-relocation and upgrading project of the company was in the trial production stage, and depreciation expenses were not accrued according to accounting standards. Some of the borrowing costs that met the capitalization conditions were included in the project investment. Due to the impact of the above two expenses on the current income and expenses, the cost of the 2 million tons/year coking eco-relocation and upgrading project increased significantly compared to the same period last year. Second, the downstream steel industry is facing a grim situation, with a shrinking demand for coke, and the company's wholly-owned subsidiary Shizong Coal Coking Chemical Co., Ltd. is subject to the joint squeeze of the supply and demand markets in the region, with a large loss due to the coal and coke inversion.