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

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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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