Record quarter for NRP

NATURAL Resource Partners (NRP) has announced a record second quarter, posting a 65% increase in net income to $US25 million, versus a $US15.1 million profit during the same time last year.
Record quarter for NRP Record quarter for NRP Record quarter for NRP Record quarter for NRP Record quarter for NRP

NRP president Nick Carter

Donna Schmidt

The company’s total revenues were $US41.7 million, a 41% improvement over the same quarter of 2004, and coal royalties also jumped 45% to $US38 million due to an increase in royalty averages and production per ton.

NRP’s results for the first half were also up, according to the company’s statement, as net income increased to $US45.4 million, a 73% improvement over the first half of last year.

“The numerous accretive acquisitions we have completed since our initial public offering are cumulatively paying real benefits,” said NRP chief Nick Carter. “Our growth has given us more financial flexibility with respect to future acquisition opportunities.”

In March of this year, the Houston, Texas-based company concluded a $US200 million initial public offering consisting of 5.3 million shares. A master limited partnership, NRP was created by properties owned by WPP Group and Arch Coal, and owns operations in the Illinois Basin, Appalachia and the Powder River Basin.