(Yicai Global) Oct. 19 -- Shares of Datun Energy Resources, a holding unit of mining conglomerate China Coal Energy Group, rose after the company said it expected net income to have increased three times in the January to September period due to higher coal prices.

Datun Energy [SHA: 600508] closed up 0.8 percent at CNY16.28 (USD2.25) a share after gaining as much as 3.8 percent earlier today. The benchmark Shanghai Composite Index fell 1.2 percent.

Net profit was likely CNY2 billion to CNY2.2 billion (USD277 million to USD305 million) in the nine months ended Sept. 30, an increase of 221 percent to 253 percent from a year ago, the Shanghai-based firm announced yesterday. 

Revenue from coal sales in Shanghai jumped 86 percent to CNY7 billion (USD969 million), while the volume rose 4.2 percent to 5 million tons. Datun Energy’s coal business accounted for 70 percent of its total revenue, according to the firm’s semi-annual trading report. 

The global energy crisis caused coal prices to soar in China this year. Pingdingshan in Henan province, one of the largest coal fields in the country, sold coking coal at CNY2,860 (USD397) a ton, up 60 percent, according to data from East Money information.  

Shanghai’s main coal variant is 1/3 coking coal, a transition between coking coal, fat coal, and gas coal, used as high-quality coking and thermal coal.

Datun Energy is mainly engaged in coal production and trade, aluminum processing, railroads, solar power generation, and technical services. 

Editor: Martin Kadiev