Puda Coal reports strong results in Q2 with higher sales prices and volume

Monday, 16 August 2010 16:15:44 (GMT+2)

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.

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