On December 9, Seattle, US-based L & L Energy Inc., a company operating coal and coke businesses in China, released its financial results for the second quarter of the fiscal year that ended on October 31.
Sales revenues of $57.4 million in the second quarter of the fiscal year saw a 135 percent rise on year-on-year basis and 3.8 percent rise on a quarter-on-quarter basis. In the quarter in question, the company's net profit rose to $12.7 million, increasing 44.2 percent compared to the same period in the previous fiscal year. Fully diluted earnings per share were approximately $0.35, with a 21 percent year-on-year increase.
During the quarter, the company entered into an agreement to provide a secured bridge loan to Bowie Resources, LLC, which owns and operates the Bowie Mine, a Paonia, Colorado-based coal mine in production since 1997. Under the terms of the agreement, L & L will provide initial funding to Bowie of up to $3 million in loans that will be used to fund Bowie's ongoing coal mining operations.
"We are very pleased with our continued strong performance in the second quarter," said Dickson Lee, chairman and CEO of L & L. "Our continued focus on the improvement of our acquired operations has enabled us to more than double revenue compared to last year's quarter. Additionally, our agreement to provide bridge financing to the Bowie Mine is an exciting first step that extends the company onto the global stage," he added.