Coal of Africa posts improved revenues in FY 2010-11
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South Africa-based coal producer Coal of Africa (CoAL) has posted a 166 percent increase in its revenues in the financial year ended on June 30, 2011, stating that it has undergone "substantial transformation" in 2011.
For the given period, the revenues of CoAL increased to $261.4 million, while the gross profit improved by 40 percent year on year to $37.9 million.
According to company statement, CoAL's total run-of-mine production of thermal coal - from the Woestalleen and Mooiplaats Collieries, both in South Africa's Mpumalanga Province - rose by 75 percent in FY 2010-11 to 4.4 million mt. Saleable coal increased by 154 percent to 3.3 million mt.