On Tuesday, Viet Nam National Coal and Mineral Group (Vinacomin) reported a record profit of VND3.5 trillion (nearly US$150 million) in the first nine months of this year.

Vinacomin’s revenue in the January-September period reached VND93 trillion, posting a 118 per cent year-on-year increase and meeting 82 per cent of the year’s target. It contributed VND12.5 trillion to the State budget.

The revenue from coal sales still accounted for a big portion, VND48.5 trillion, 27 per cent higher than the same period last year. The group sold 31 million tonnes of coal in the period.

In September, the group produced 2.47 million tonnes of raw coal and 3.18 million tonnes of clean coal. It produced 112,000 tonnes of alumina while consuming 154,108 tonnes. It also exceeded planned margins in other manufacturing and business sectors. It estimated its revenue last month at VND10.1 trillion.

Its coal inventories fell from 9 million tonnes in the beginning of the year to 4.48 million tonnes by the end of last month.

Vinacomin’s efficient business practices in the first three quarters of the year kept its labourers’ average monthly income above VND10 million.

It has cut over 4,700 people in the period in its restructuring process.

Le Minh Chuan, Vinacomin’s chairman, said the coal sector would focus on production and sale to reach 40 million tonnes of coal – the highest number in terms of coal consumption in the last few years.

The local demand for coal for production of electricity, cement, fertilisers and other goods is expected to remain high. Vinacomin will attempt to balance coal production and sales to reduce inventory and meet demand at the same time.

This year, Vinacomin is set to sell from 38.5 to 39 tonnes of coal, including 34.2 million tonnes of clean coal – up 1.32 million tonnes from last year. — VNS