For the 12 months ended April 30, the company’s revenue climbed 68.8% to $US32 million from 2007, while gross profit was up 17% to $4.5 million and net income also saw a 17.2% jump to $1.5 million.
L&L chairman Paul Lee said all of its operations achieved “strong growth” over the year.
“Revenue and net income rose significantly, although net income grew slower due to rising costs of coal wholesale business in China,” he said.
“We expect profitability to improve significantly with the two new mines, adding approximately 300,000 tons of additional coal sales."
In May, the company acquired a 60% equity interest in two active mines in China’s Yunnan Province, the DaPuAn mine and SuTsong mine.
It is through those purchases that L&L said it will reach an estimated $60 million in sales and $8 million in profit in the current fiscal year that ends next April.
According to L&L, those growth plans for the coming year will be helped along by its plans to acquire “additional profitable energy entities” in the country, as well as dip its interests into China’s biofuel sector, while developing strategic relationships with Japanese coal trading firms.
