On May 13, Shanxi, China-based coking coal producer Puda Coal issued its financial results for the first quarter of 2010.
In the first quarter of 2010, the company's net profit of $5.4 million increased 157.3 percent compared to $2.1 million in the first quarter of 2009. Sales revenues of $62 million in the first quarter of 2010 saw a 24.6 percent increase from $49.7 million in the first quarter of 2009.
"Puda Coal began 2010 with solid revenue and net income growth, thanks to a stronger cleaned coal sales volume and higher selling prices reflecting the continuing recovery of China's steel industry," commented Liping Zhu, president and CEO of Puda Coal.