A quarter of 'progress and growth'

L&L Energy’s fiscal first-quarter profit more than doubled as production was boosted by two Chinese mines acquired last November coming online.

Staff Reporter

The coal miner’s production rose 54% to 228,000 tons in the quarter, boosting profit to $US10.7 million, up from $4.6 million in the same period last year.

Revenues increased 29% to $51.2 million from $39.4 million last year, with coal mining net revenue up an impressive 118% to $25 million in Q1 due to increased production volume from the recently acquired LaShu and LuoZhou mines and the continued ramp-up of operations at the Weishe mine.

"The first quarter of fiscal 2014 was one of progress and growth for L&L," L&L Energy vice president of US operations Clayton Fong said.

"Coal production increased significantly, revenue grew impressively and we improved profitability as we rework our mix of business toward more profitable segments.”

Total operating expenses were $4.4 million in the first quarter, compared with $3.6 million in the same quarter last year.

Operating expenses as a percentage of revenue in the first quarter was 8.6%, compared with 9.2% in the same quarter last year.

“Our balance sheet remains strong,” Fong said.

“We will further enhance our ability to fund growth with our upcoming Taiwan Depository Receipt listing.

“We believe we are poised for meaningful success in the quarters ahead.”

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