Patriot posts loss

IT COMES as little surprise that troubled miner Patriot Coal has posted a loss for the three months ending June 30.
Patriot posts loss Patriot posts loss Patriot posts loss Patriot posts loss Patriot posts loss

Courtesy Patriot Coal

Noel Dyson

The company, which is in Chapter 11, reported a $US338 million operating loss, more than 10 times the operating loss it posted in the corresponding quarter last year.

Its loss before income taxes was $345 million. In the same period last year it was $49 million.

That means the basic and diluted loss per share is $3.82, up from the 54c a share in the same period 2011.

Patriot finished the period with $46 million in the bank. Sadly, this time in 2011 it had $194 million in the vault.

The value of its land and coal interests is pretty much on par year-on-year at $2.9 billion.

On July 9 the company filed for Chapter 11 protection, citing the combination of cancelled contracts, low thermal coal prices and rising costs.

It holds the unfortunate distinction of being the first US coal producer to seek bankruptcy protection since US coal prices plummeted.

On August 3 the bankruptcy court allowed Patriot to borrow the follow amount of an $802 million loan it arranged just after it entered into Chapter 11.

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