On March 16, Mongolian Mining Corporation (Mongolian Mining Corporation) released its 2020 annual financial report showing that due to the severe impact of the epidemic, in 2020, Mongolian Mining Corporation and its subsidiaries will achieve operating income of US$417 million, compared with US$627 million in 2019 A decrease of 33.49%.
In the same period, the company’s coal sales were 4.2 million tons, a decrease of 17.65% from the 5.1 million tons in 2019. In 2020, the average selling price of the company’s hard coke clean coal was US$121.4/ton, while in 2019 it was US$140/ton.
Due to reduced coal sales and lower prices, the company will achieve a net profit of US$29.605 million in 2020, a year-on-year drop of 69.39%. Among them, the net profit attributable to shareholders of the company was US$28.94 million, a year-on-year decrease of 70.02%; the basic and diluted earnings per share attributable to shareholders was 2.81 cents, far lower than the 9.38 cents in the same period last year.
In 2020, the company’s gross profit was US$129 million, a decrease of 48.99% from US$252 million in the previous year. Operating profit was US$81.421 million, a decrease of 49.08% from US$160 million in the previous year.