On October 21, St. Louis, US-based coal producer Patriot Coal issued its financial results for the third quarter of 2010, stating that third quarter production levels were disappointing at Patriot’s underground operations, due to increased regulatory activities and geological issues.
According to the financial results, the net loss of the company was $46 million in the third quarter of 2010, compared with a net profit of $52.8 million in the third quarter of 2009 and with a net loss of $13.6 million in the second quarter of 2010.
Sales revenues in the third quarter of 2010 saw a decrease of one percent year on year and of seven percent quarter on quarter, dropping from $506 million in the same period of the previous year and from $539 million in the previous quarter to $500.6 million.
Sales in the third quarter totaled 7.5 million tons, including 5.9 million tons of thermal and 1.6 million tons of metallurgical coal. The company produced 8,1 million mt of coal in the previous quarter.
“Demand and pricing for all of our metallurgical products remain very strong, as we move through the negotiation period for 2011 deliveries,” said company president and chief executive officer Richard M. Whiting.