On January 27, CONSOL Energy, a Pittsburgh, US-based diversified fuel producer including metalurgical coal, issued its financial results for the fourth quarter and full year of 2010, stating that the compnay is poised to benefit from a strong low-volatile metalurgical coal market in 2011.
According to the financial results, CONSOL's net profit attributable to Consol Energy shareholders according to Generally Accepted Accounting Principles (GAAP) was $104.46 million in the fourth quarter of 2010, compared with a net profit of $143.19 million in the fourth quarter of 2009. Sales revenues in the last quarter of 2010 rose from $1.14 billion in the same period of the previous year to $1.29 billion. Fourth quarter 2010 adjusted EBITDA of $287.66 million compares with $313.05 million in the same period of 2009.
CONSOL's net profit attributable to Consol Energy shareholders in 2010 was $346.78 million compared with a net profit of $519.72 million in 2009. Sales revenues rose from $4.31 billion in 2009 to $4.94 billion in 2010.
7.1 million mt of met coal sold in 2010
The coal producer produced and sold 1.2 million mt and 1.1 million mt of low-volatile metalurgical coal in the last quarter of 2010, respectively. These data compare with 900,000 mt and one million mt in 2010. The average selling price of low-volatile metalurgical coal was $164.62/mt in the quarter in question compared with $108.25/mt a year ago. The company produced and sold 500,000 mt of high-volatile metalurgical coal with a selling price of $72.69/mt in the quarter.
For 2010 CONSOL's metalurgical coal sales totaled 7.1 million mt. The company said that it has up to 2.3 million low-volatile metalurgical coal mt available for sale into a very strong market.
CONSOL Energy chairman, president, and CEO J. Brett Harvey said on the results, "CONSOL's marketing strategy for 2011 is to continue to develop new overseas markets into which we can sell our high-vol met coal. We believe India has great potential and is the next market we will target for high-vol met coal sales from our Northern Appalachia mines."