SinoCoking Coal and Coke Chemical Industries, Inc. reported a strong year over year increase in sales for fiscal 2010. The company said that net income also increased year over year, but this was due to a one-time non-cash gain.
SinoCoking Coal and Coke Chemical Industries, Inc. said that sales for the fiscal year ending June 30, 2010, were $59 million, a 15% increase compared to the $51.4 million reported in fiscal 2009. The company attributed the strong gain in sales to higher orders in its raw coal division.
SinoCoking Coal and Coke Chemical Industries, Inc. reported net income on a GAAP basis of $38.9 million, or $2.44 per diluted share, for fiscal 2010. In fiscal 2009, the company reported net income of $17 million, or $1.29 per diluted share.
The company said that fiscal 2010 GAAP results contained a one-time non-cash gain of $24.0 million for the changes in the fair value of warrants. There was no comparable charge recorded in fiscal 2009.
SinoCoking Coal and Coke Chemical Industries, Inc. also reported that construction of a new coking facility is proceeding as scheduled and will be completed by June 2011. The facility will increase the company’s coking capacity from 250,000 to 1.1 million metric tons. The new facility will initially operate at 80% of capacity.
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