On April 6, Chinese coal and coke producer SinoCoking Coal and Coke Chemical Industries Inc. (SinoCoking) issued its financial results for the fourth quarter of 2009, stating that the company successfully addressed the challenges of the tough year.
According to the financial results, in the final quarter of 2009 the company's net profit was $4.7 million, compared to a net profit of $4 million in the same period of 2008, increasing by 18 percent. Sales revenues of $14.8 million in the fourth quarter of 2009 saw a 30 percent increase from $11.4 million in the fourth quarter of 2008.
SinoCoking chairman and CEO Jianhua Lv commented, "In the last half of 2009, the global economic picture began improving, and we are optimistic about the coming year in terms of industrial demand for coke and coking coal. Market prices for coke products rebounded firmly in late 2009, and we expect that trend to continue in 2010, particularly due to strong demand in China."