Forbes flying

REVENUE up, profits up – just the sort of thing a mining company likes to get out with a quarterly statement.
Forbes flying Forbes flying Forbes flying Forbes flying Forbes flying

Image courtesy of Forbes Coal

Staff Reporter

In Forbes Coal’s case, the increases have been slight but given the North American coal market at the moment, it would be welcome news for investors.

Its fiscal 2013 first quarter revenue – for March to May 2012 – of $C20.8 million was up slightly on fourth quarter 2012 revenue of $18.5 million.

Gross profit was up too, $1.81 million in Q1 as opposed to $840,000 in the previous quarter.

Of course Forbes has a sure-fire solution to dodge the North American coal blues.

Its coal operations are in South Africa where there is healthy demand for its product and export options to boot.

Among its operational highlights was a record tonnage in May of 148,000 tonnes run of mine from its Magdalena and Aviemore mines.

At those operations total saleable production for Q1 rose 24% quarter-over-quarter – excluding purchased coal.

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