On July 15, Seattle, US-based L & L Energy Inc (L & L), a company operating coal businesses in China, released its financial results for the fiscal year ended on April 30, 2010.
Sales revenues of $109 million in the fiscal year saw a $41 million or 41 percent rise on year-on-year basis. In the fiscal year in question, the company's net profit tripled to $30 million, compared to a net profit of $10 million in the previous fiscal year. Fully diluted earnings per share for the fiscal year 2009-10 were approximately $1.17, up from $0.46 in the preceding fiscal year.
Dickson Lee, chairman and CEO of L & L, commented, " We have seen strong organic growth this year, coupled with an unprecedented number of successful acquisitions, which resulted in sales growth of 2.5 times. The integration of these new additions into our existing operations will continue to benefit the company."
The company reaffirmed the previously stated guidance of $218 million in revenue and $46 million in net income for the fiscal year 2010-11 ended April 30, 2011.
As SteelOrbis previously reported, L & L has recently signed a memorandum of understanding with Shunda Mining Company to acquire at least a 51 percent equity stake n the coking coal producer.