On March 24, Shanxi, China-based coking coal producer Puda Coal issued its financial results for the fourth quarter of 2009 and the whole year.
According to the financial results, the net profit in 2009 saw a decrease of 68 percent, dropping from $17.5 million in the previous year to $5.5 million. Sales revenues of the company were $214.1 million in 2009, compared with a net profit of $242.3 million in 2008, down 11.7 percent.
In the final quarter of 2009, the company's net profit of $2.3 million decreased 34 percent compared to the fourth quarter of 2008 but increased more than 100 percent compared to a loss of $0.6 million in the third quarter of 2009. Sales revenues of $60.2 million in the fourth quarter of 2009 saw a 6.6 percent decrease from the fourth quarter of 2008, but a 7.4 percent increase from the third quarter of 2009.
"Despite very challenging market conditions that adversely affected the steel industry during 2009, we finished the year in a strong position by generating sequential revenue and profit growth as the sector continued to rebound with stronger tonnage sales volume and higher average selling prices," commented Mr. Liping Zhu, CEO of Puda Coal.