Atlantic Coal announces significant increased profitability

Atlantic Coal announced its interim results for the six months ending 30 June 2013, showing a net profit of US$ 2,488,465 compared with a loss in H1 2012 of US$ 1,366,923.

The AIM listed anthracite coal production and processing company based in Pennsylvania, USA, was delighted to announce that its revenue has substantially increased to US$ 10,477,123 over the six month period.

Atlantic Coal Managing Director Steve Best commented, “This has been an exciting period with the Pott and Bannon site being brought into our Pennsylvania anthracite portfolio and having achieved substantially increased production compared with H1 2012. This has been against a background of falling prices and demand compared with last year but our flexible approach to operations at the Stockton Mine and continuing rigorous review of operations has enabled us to produce a healthy net profit. This has been particularly pleasing given the difficult market condition.”

Pott and Bannon

Since exercising a lease option over the Pott and Bannon site in January 2013, Atlantic Coal has been progressing the mine planning and engineering process with a view to commencing mining operations in late 2014.

Outlook

Atlantic Coal Chairman, Adam Wilson, reiterated the recent profit achievement and explained that the company is now in a position to take maximum benefit from the expected improvement in US prices and the opportunities offered by export markets. “We continue to focus on increasing our regional presence through the acquisition of prime assets in Pennsylvania, and having made solid progress to date, we hope to make further developments in the near to medium term.”

Edited from various sources by Katie Woodward

Read the article online at: https://www.worldcoal.com/coal/27092013/atlantic_coal_announces_significant_increased_profitability_80/