On May 5, Houston, US-based metallurgical coal producer Natural Resource Partners L.P. issued its financial results for the first quarter of 2010, stating that the quarter exceeded expectations on both coal tonnage and prices as the company's focus on metallurgical coal is benefiting from the increasing global demand for steel.
According to the financial results, the net profit of the company was $16.9 million in the first quarter of 2010, compared with a net profit of $21.5 million in the first quarter of 2009, dropping 22 percent. Sales revenues in the first quarter of 2010 saw a decrease of 5 percent, dropping from $66.7 million in the previous year to $63.5 million.
Total production for the partnership was 10.8 million mt compared to 12.5 million mt last year, a decrease of 13 percent.
Commenting on the results, the company said, "The metallurgical coal markets are improving around the globe. New metallurgical coal contracts are being signed at significantly higher prices than last year and exports are dramatically increasing."