Zhengzhou Coal Mining Machinery (ZMJ) (00564) said it expects to record a decrease in net profit attributable to shareholders of about 75% for the year ended 31 December 2014 as compared with the same period in 2013.
Such expected decline is mainly due to the continual weakening trend of the coal industry in 2014.
According to the statistics of China National Coal Association, the coal production decreased with a year-on-year slight drop on a national basis for the first eleven months in 2014. In 2014, the market saw the persistent downward trend in coal prices, the large dip in fixed-asset investments in the coal mining and washing industry, tightened availability of capital in the coal mining industry, drastic shrinkage in demand in the coal mining machinery market, intensified competition in the coal mining machinery market and the continual decrease in market prices of comprehensive coal mining equipment.
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