Puda Coal Posts Impressive Numbers

Chinese metallurgical coal supplier PudaCoal reported record first quarter numbers. “We achieved record revenue due to increased sales to new and existing customers,” said Ming Zhao, chairman and CEO, Puda Coal. “While the first quarter is typically a seasonal slower quarter due to the Chinese New Year holidays, we saw tonnage sales increase more than 23%, as demand for our highgrade coking coal remained strong.”

For the quarter ended March 31, 2008, net revenue was $50.6 million, up 35.2% from $37.4 million in the first quarter of 2007. Coal sales were 576,000 metric tons (mt) in the first quarter of 2008, up 23.3% from 467,000 mt in the same period last year. The increase in the tonnage sales of coal accounted for 23% of the 35.2% increase in net revenue and the remaining 12% was attributable to exchange rate differences and the slight increase in selling price. The increase in tonnage resulted from an increase in the general demand for high-grade coking coal in China.

As featured in Womp 08 Vol 5 - www.womp-int.com