On August 31, Seattle, US-based L & L Energy Inc, a company operating coal and coke businesses in China, released its financial results for the first quarter of the fiscal year or the quarter ended on June 30, 2010.
Sales revenues of $55.3 million in the first quarter of the fiscal year saw a 336 percent rise on year-on-year basis. In the quarter in question, the company's net profit tripled to $10.9 million, compared to a net profit of $2.7 million in the previous fiscal year. Fully diluted earnings per share were approximately $0.36, up from $0.13 in the first quarter of the last fiscal year.
Dickson Lee, chairman and CEO of L & L, commented, "We expect strong continued growth for the rest of the year as we continue to execute our core businesses, integrate our recent acquisitions, and seek out new growth avenues."