On August 3, Vancouver, Canada-based metallurgical coal producer Western Coal Corp. issued its financial results for the three months ended June 30, 2010.
According to the financial results, the net profit of the company was $20.2 million in the second quarter of 2010, compared with a net profit of $3.4 million in the second quarter of 2009. Sales revenues in the second quarter of 2010 saw a massive increase, rising from $75.7 million in the second quarter of the previous year to $203.6 million.
Shipments in the quarter in question were 42 percent higher than in the first quarter this year, at the level of 1.3 million mt, as market demand for both metallurgical and steam coal continue to strengthen in the US, the company said.
The international prices for metallurgical coal are showing signs of softening on the back of an increase in supply that eased pressure in the market, the company also commented, adding that it is optimistic that over the near and long term high quality metallurgical coal will be required to meet the world's needs.