On March 14, China-based coking coal producer Puda Coal (Puda) issued its financial results for the fourth quarter and the whole of 2010, reporting increased sales revenues and profit due to high demand from the steelmaking sector.
Puda is the consolidator of nine coal mines in Pinglu county, Yuncheng city and of four coking coal mines in Huozhou county, Linfen city, all located in China's Shanxi Province.
Puda's recorded net profit of $4.4 million in the last quarter of 2010 compares with $2.3 million in the fourth quarter of 2009. Sales revenues of $90.5 million in the period in question saw a 50.3 percent increase year on year.
Meanwhile, in 2010 Puda saw a net profit of $23.5 million, compared to $5.5 million in 2009. Sales revenues rose 51.7 percent year on year to $324.8 million.
"Our well-established customer relationships and the continued recovery of the steel industry fuelled double-digit year-over-year growth in sales volume and average selling prices of our high quality cleaned coal," commented Mr. Liping Zhu, CEO of Puda Coal.