Puda Coal Posts Impressive Numbers
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.