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Corsa Coal announces financial results for 4Q18 and full year 2018

Published by
World Coal,


Corsa Coal Corp. has reported financial results for the three months and full year ended 31 December 2018.

Fourth Quarter and Full Year 2018 Highlights

  • Corsa reported net and comprehensive income from continuing operations of US$10.3 million, or US$0.09 per share attributable to shareholders, for 4Q18, compared to US$83.5 million, or US$0.74 per share attributable to shareholders, for 4Q17. For the year ended 31 December 2018, Corsa reported net and comprehensive income from continuing operations of US$5.9 million, or US$0.03 per share attributable to shareholders compared to US$108.6 million, or US$0.93 per share attributable to shareholders for the year ended 31 December 2017. The fourth quarter and full year ended 31 December 2017 included an asset impairment reversal of US$86.2 million.
  • Corsa's adjusted EBITDA was US$11.3 million and US$35.0 million for the fourth quarter and year ended 31 December 2018, respectively. Corsa's EBITDA was US$14.5 million and US$32.8 million for the fourth quarter and year ended 31 December 2018, respectively.
  • Operating cash flows provided by continuing operations for the fourth quarter and year ended 31 December 2018 were US$5.6 million and US$15.3 million, respectively, compared to US$5.3 million and US$29.5 million, for the fourth quarter and year ended 31 December 2017, respectively.
  • Total revenue from continuing operations was US$66.5 million and US$265.9 million for the fourth quarter and year ended 31 December 2018, respectively, compared to US$47.8 million and US$217.5 million for the fourth quarter and year ended 31 December 2017, respectively. Total revenue from continuing operations increased 22% for the year ended 31 December 2018 compared to the year ended 31 December 2017.
  • Corsa sold a total of 466 525 and 1 872 105 t of metallurgical coal in the fourth quarter and full year 2018 compared to 321 890 and 1 474 898 t of metallurgical coal in the fourth quarter and full year 2017. For the year ended 31 December 2018, low volatile metallurgical coal sales volumes are up 23% versus 2017 comparable period levels, and total metallurgical coal sales volumes are up 27% as compared to year ended 31 December 2017.
  • Corsa achieved an average realized price per ton of metallurgical coal sold at its NAPP Division of US$116.27 for all metallurgical qualities in 4Q18. This average realized price is the approximate equivalent of US$170 to US$175 on an FOB vessel basis. For low volatile metallurgical coal sold, Corsa achieved the approximate equivalent of US$174 to US$179 on an FOB vessel basis. For the year ended 31 December 2018, Corsa's sales mix included 27% of sales to domestic customers and 73% of sales to international customers.
  • Cash production cost per ton sold was US$76.77 for 4Q18, a decrease of US$12.46 per ton, or 14%, as compared to 4Q17.

Read the article online at: https://www.worldcoal.com/coal/27022019/corsa-coal-announces-financial-results-for-4q18-and-full-year-2018/

 

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