On May 5, Virginia, US-based metallurgical coal producer Alpha Natural Resources issued its financial results for the first quarter of 2010, reporting record EBITDA from continuing operations.
According to the financial results, the net profit of the company was $14 million in the first quarter of 2010, compared with a net profit of $41 million in the first quarter of 2009, decreasing 65.8 percent. Sales revenues in the first quarter of 2010 saw an increase of 95.2 percent, rising from $425.8 million in the previous year to $831.3 million. The EBITDA of the company was $218.5 million in the first quarter of 2010, compared with an EBITDA of $109.7 million in the first quarter of 2009, increasing by 99 percent.
Kevin Crutchfield, Alpha's chief executive officer commented, "The strong performance during the quarter highlights the value of our regional diversification which enabled us to deliver excellent results."
The company is committed to average price projections of $110.60/mt for 2010 and $122.56/mt for 2011.