Puda Coal, Inc. reported a strong year over year increase in sales and a solid net profit in the quarter ending September 30, 2010, as the company benefited from higher volumes and better realized prices for sales of metallurgical coal.
Puda Coal, Inc. reported sales of $90 million in the third quarter of 2010, compared to sales of $56.1 million in the corresponding quarter of 2009. The company sold 651,000 tons of metallurgical coal during the quarter, compared to 498,000 metric tons in the same quarter of 2009.
Puda Coal, Inc. sold its metallurgical coal at an average price of $138 per metric ton in the most recent quarter, compared to an average price of $114 per metric ton in the third quarter of 2009. The company said that the prices realized per ton are reported after an adjustment for foreign exchange rate differences.
Puda Coal, Inc. reported net income of $5.0 million, or $0.25 per diluted share, in the third quarter of 2010. The company reported a net loss of $0.6 million, or $0.04 per diluted share, in the third quarter last year.
Puda Coal, Inc. had cash and cash equivalents of $80.1 million at the end of the third quarter of 2010, compared to only $19.9 million one year earlier. The company has long term debt of $41.4 million as of September 30, 2010.
For more information on the company, go to www.pudacoalinc.com
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