SouthGobi Resources announces first quarter 2017 financial and operating results
Published by Louise Mulhall,
The company's significant events and highlights for the three months ended 31 March, 2017 and the subsequent period to 12 May, 2017 are as follows:
- As a result of improved market conditions and prices for coal in China, the company's operating results for the quarter improved with an increase in the average selling price of coal as well as the volume of coal sales, as compared to the first quarter of 2016. The company sold 1.11 million t of its coal product during the first quarter of 2017 as compared to 0.88 million tonnes for the first quarter of 2016. The average realized selling price increased from US$16.11/t for the first quarter of 2016 to US$24.52/ t for the first quarter of 2017, which was mainly a result of improved market conditions as well as improved product mix.
- The company recorded a gross profit of US$1.5 million during the quarter compared to gross loss of US$6.4 million in the first quarter of 2016. The company recorded a US$4.1 million loss from operations during the first quarter of 2017, as compared to a US$9.8 million loss from operations in the first quarter of 2016. Revenue was US$25.3 million in the first quarter of 2017 as compared to US$12.7 million in the first quarter of 2016. The operations during the first quarter of 2017 improved over the comparative 2016 quarter given the improved market conditions in China.
Read the article online at: https://www.worldcoal.com/coal/14062017/southgobi-resources-announces-first-quarter-2017-financial-and-operating-results/
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