Mongolian Mining Corporation (MMC, or together with its subsidiaries, the “Group; stock code: 975), the largest producer and exporter of washed hard coking coal (HCC) in Mongolia, on 22 August announced its unaudited interim results for the six months ended 30 June 2019 (1H19).
During the reporting period, the Group generated a total revenue of US$325.6 million, an increase of nearly 20% (1H18: US$272.2 million).
The Group sold approximately 2 million t of HCC, an increase of 14.0% as compared to 1.7 million t of HCC sold during the same period in 2018. The average selling price (ASP) for HCC was US$147/t in 1H19 (ASP in 1H18: US$146.1/t). Gross profit amounted to approximately US$129.9 million in 1H19, representing an increase of 20.1% year-on-year (1H18: US$108.1 million); while profit attributable to equity shareholders of the company for 1H19 surged by 59.4% to approximately US$47.1 million (1H18: US$29.5 million).
Dr. Battsengel Gotov, CEO of MMC, said: “We are pleased to report sound financial and operational performance for the period, highlighted by nearly 20% revenue growth and over 59% growth in profit attributable to equity shareholders. Building on the strong first half of the year, we look to continuously push our production and sales volumes by utilising our existing coal mining and processing capacity, optimising our transportation and logistics efficiency and expanding relations with our end-user customers’ base. Also we shall remain focused on our commitment to safe and responsible mining operations.”
Read the article online at: https://www.worldcoal.com/coal/29082019/mongolian-mining-corp-publishes-2019-interim-results/