Coal miner Resources Prima reported earnings of US$616,000 ($866,509) for the nine-month period to December, compared with net losses of $68.9 million in the year-earlier period.
Revenue fell 25.6% to US$51 million, as coal sales declined 26% to US$49.5 million with the fall in market prices and sales volume, in line with the depressed coal market. At the same time, its income from leasing its coal mining facilities to third-party mine owners fell 9.6% to US$1.5 million with the fall in throughput of coal.
However, the group also recognized a decrease in depreciation and amortization by US$11.5 million as deferred stripping costs were fully amortised in November 2014. There was also a decrease in waste mining costs by US$4.6 million, due to the reduction in waste mining rate by US$0.31/bcm to US$2.25/bcm from US$2.56/bcm in August 2015.
Resources Prima says the coal industry is expected to remain challenging and export prices are also expected to remain under pressure, but it will continue to monitor all its operating costs in the light of decline market prices.
The group did not declare any dividends for the current financial period.
Resources Prima’s shares closed 7.5% higher at 4.3 cents on Friday.
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Revenue fell 25.6% to US$51 million, as coal sales declined 26% to US$49.5 million with the fall in market prices and sales volume, in line with the depressed coal market. At the same time, its income from leasing its coal mining facilities to third-party mine owners fell 9.6% to US$1.5 million with the fall in throughput of coal.
However, the group also recognized a decrease in depreciation and amortization by US$11.5 million as deferred stripping costs were fully amortised in November 2014. There was also a decrease in waste mining costs by US$4.6 million, due to the reduction in waste mining rate by US$0.31/bcm to US$2.25/bcm from US$2.56/bcm in August 2015.
Resources Prima says the coal industry is expected to remain challenging and export prices are also expected to remain under pressure, but it will continue to monitor all its operating costs in the light of decline market prices.
The group did not declare any dividends for the current financial period.
Resources Prima’s shares closed 7.5% higher at 4.3 cents on Friday.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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