SinoCoking: Coal markets steadily improving

Monday, 24 May 2010 13:43:07 (GMT+2)

On May 22, Chinese coal and coke producer SinoCoking Coal and Coke Chemical Industries Inc. (SinoCoking) issued its financial results for the first quarter of 2010, stating that "the conditions appeared to be favorable for coal sales, so we increased our coal trading activities."

According to the financial results, in the first quarter of 2010, the company's net profit was $3 million, compared to a net profit of $3.7 million in the same period of 2009, decreasing by 19 percent. Sales revenues of $15.2 million in the first quarter of 2010 saw a four percent decrease from $15.6 million in the first quarter of 2009.

SinoCoking chairman and CEO Jianhua Lv commented, "In accordance with our expectations, the coke market has shown steady improvement since the end of 2009 and during the first several months of 2010. We continue to be optimistic about industrial demand for our products in the coming year."

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