US-based coal producer Walter Energy has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, Walter Energy posted a net loss of $34.5 million, compared to a net profit of $ 31.9 million in the second quarter of 2012. In the given quarter, the company's sales revenues decreased by 34.5 percent year on year to $437.8 million.
During the first six months, Walter Energy reported a net loss of $84 million, compared to a net profit of $72.5 million in the corresponding period of the previous year. The company's sales revenues in the first half amounted to $927.4 million, decreasing 28.4 percent year on year.
According to Walter Energy's statement, in the second quarter the metallurgical coal production of the company increased by 9.2 percent year on year to 2.9 million mt, while the sales volume amounted to 2.4 million mt, down 14.4 percent compared to the second quarter of 2012.
Walter Energy stated that the company's mines continue to perform well, as its focus on cost reduction and improving productivity continued in the second quarter, further improving cost competitiveness. In a difficult metallurgical coal pricing environment, Walter Energy continues to pursue measures to reduce operating costs and capital spending.
Regarding 2013, Walter Energy remains on track to achieve its full-year metallurgical coal production target of approximately 11 million mt.