On April 29, West Virginia, US-based metallurgical coal producer International Coal Group (IGC) issued its financial results for the first quarter of 2010, stating that the first quarter results reflect a strong performance from all operations.
According to the financial results, the net loss of the company was $8.9 million in the first quarter of 2010, compared with a net profit of $3.7 million in the first quarter of 2009. Sales revenues in the first quarter of 2010 saw a decrease of five percent, dropping from $305 million in the previous year to $288.6 million. The EBITDA of IGC was $46.9 million in the first quarter of 2010, compared with an EBITDA of $44.5 million in the first quarter of 2009, increasing by five percent.
ICG sold 4.3 million mt of coal during the first quarter of 2010 compared to 4.7 million mt during the first quarter of 2009. Production totaled 3.9 million mt in the first quarter of 2010 versus 4.5 million mt in the same period of 2009.
Ben Hatfield, President and CEO of ICG, said, "Both adjusted EBITDA and margin on coal sales exceeded the first quarter of 2009 results...Coal markets continue to show improvement, particularly in the metallurgical sector. Metallurgical coal prices have further strengthened with recent international settlements."
"For 2010, committed and priced sales are approximately 15.8 million mt, or 93 percent of planned shipments, at an average price of $63.50/mt, excluding freight and handling expenses," the company said.