On August 16, China-based coking coal producer Puda Coal issued its financial results for the second quarter of 2010.
In the second quarter of 2010, the company's net profit of $8.7 million increased 400.5 percent compared to $1.7 million in the second quarter of 2009. Sales revenues of $82.3 million in the period in question saw a 71.5 percent increase from $48 million in the same period of 2009.
Sales of cleaned coal increased 36.5% year on year to 601,000 metric tons in the second quarter of 2010 while average selling price increased 25.7 percent to $137.
"Our coal washing operations performed well in the second quarter of 2010, reflecting the continued recovery in the steel industry. Increased volume and a higher average selling price of cleaned coal resulted in a significant increase in our profitability this quarter," commented Mr. Liping Zhu, President and CEO of Puda Coal.