(Yicai Global) March 27 -- Chinese listed-firm Yanzhou Coal Mining Co., also the biggest coal miner in Australia, has raised its coal sales target to 120 million tons, up substantially from last year's sales of 96.8 million tons, following a three-fold increase in net profit for the year.

Shandong-based YCM posted a net profit of CNY6.8 billion (USD1.0 billion) for last year, up annually from CNY3.2 billion, while revenue rose by nearly half to CNY151.23 billion, the firm announced at its annual results presentation.

YCM produced 85.6 million tons of coal last year with sales reaching 96.8 million, the report said. China's supply-side reform policy assisted coal prices in staying at a medium-to-high level in 2017, with the gross margin of the company's reaching 55.9 percent, an increase of 15.4 percentage points from a year ago.

China is set to slash its coal capacity by 150 million tons this year, which will underpin coal prices, Li Wei, vice chairman of YCM, said at its results presentation.

YCM continued efforts to expand its businesses in Australia, its key overseas market, last year, with the acquisition of Coal & Allied Industries Ltd. from Rio Tinto PLC last September.

China is expected to import 250 million tons of coal this year, down from 271 million tons last year, another YCM executive said at its results presentation.