SinoCoking Coal and Coke Chemical Industries Inc a vertically integrated coal and coke processor announced its financial results for the fourth quarter and fiscal year ended June 30 2011.
1. Fourth Quarter 2011 vs. 2010
I. Revenue increased by 126% to USD 24,661,738 from USD 10,886,577 mainly due to increased coke sales as well as the increased overall prices for all products.
II. Pre-tax income decreased to USD 15,892,450 as compared to USD 64,831,078.
III. Net income was USD 14,277,144 or USD 0.68 per diluted share as compared to a net income of USD 64,527,083 or USD 3.08 per diluted share.
2. Fiscal Year 2011 vs. 2010
I. Total revenue increased by 26% to USD 74,287,993 from USD 59,027,490 mainly due to increased coke and washed coal sales.
II. Revenue from the sale of coal products increased by 16% to approximately USD 35 million.
III. Revenue from the sale of raw coal products decreased 34% from a year earlier, in spite of the 17% increase in average selling price. As a result of the mining moratorium, we were unable to produce or secure sufficient raw coal from other producers to sell.
IV. Revenue from the sale of washed coal products increased 180% from a year earlier, as we sold some of our washed coal inventory to take advantage of the 40% increase in average selling prices resulting from the increase in raw coal price.
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