Arch declares dividend

US COAL giant Arch Coal has declared a quarterly cash dividend of 3c per share on the company's common stock.

Lou Caruana

Arch Coal, a leading coal producer for the global steel and power generation industries across 25 countries on five continents, said the dividend was payable on June 14 to shareholders on record on May 31, 2013.

The company is looking ahead with optimism for a strong second quarter in its domestic thermal business despite starting the year on a down note.

For the period ended March 31, the Missouri-based producer reported a net loss of $70 million.

Its adjusted net loss is $72 million after excluding non-cash accretion of acquired coal supply agreements.

Its ANL in the first period of 2012 was $8 million.

Revenues also declined, falling to $826 million from $1.04 billion on lower sales volumes.

Arch said its Q1 results included a pre-tax charge of $10.5 million from minimum throughput fees required under its existing port and logistics agreements.

It earned $3.64 per ton in consolidated cash margin, down from $4.77/t in Q4 2012.

Officials said the decline was attributable to the impact of lower realized prices across its operating regions.

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