FS anthracite (01738.HK) issued a profit warning, expecting a loss in the first half of this year ending in June. The revenue during this period is expected to decrease by approximately 75% to 80% YoY to about 641 million yuan, and the gross profit during this period is expected to decrease by no less than 95% compared with the same period last year, which was 224.3 million yuan.

The company stated that the decrease in revenue and gross profit in the first half of fiscal year 2024 was mainly due to the complexity and temporary shutdown of the existing mining face geology and the downward trend of coal prices in the mainland coal market this year. A considerable proportion of coal products were sold to power plants at regulated prices, which led to a sharp decline in the sales volume of the company's coal products in 2024, an increase in unit production costs, and a decline in average selling price.