Loss lower at SunCoke

THE net loss attributable to SunCoke Energy for the second quarter of 2016 was $US4.6 million, down considerably from the $13.5 million in the prior year period.
Loss lower at SunCoke Loss lower at SunCoke Loss lower at SunCoke Loss lower at SunCoke Loss lower at SunCoke

Frederick 'Fritz' Henderson, courtesy SunCoke

Noel Dyson

Adjusted earnings before interest, tax, depreciation and amortisation was $46.5 million, up $13.1 million year-on-year.

The company also managed to reduce consolidated debt outstanding by $57.5 million by buying back $17.1 million of face value bonds during the quarter.

Revenues fell $55.5 million to $292.7 million in the second quarter, compared to the prior corresponding period.

SunCoke Energy chairman, president and CEO Fritz Henderson the company’s cokemaking business was delivering as expected, however, the company continued to experience production shortfalls at Indiana Harbour and had low volumes across its Coal Logistics franchise.

“Despite these challenges our take-or-pay contracts continue to underpin our steady results and we remain committed to optimising asset performance across the business,” he said.

SunCoke continued to de-lever its balance sheet and also reaffirmed its full-year outlook for 2016 consolidated adjusted EBITDA of $210 million to $235 million.

“With the first half of the year behind us we are in position to deliver on our commitments to shareholders and remain flexible and responsive to the evolving industry landscape,” Henderson said.

In April SunCoke divested pretty much all of its coal mining business to Revelation Energy. That resulted in a total loss of $14.7 million, of which $9.6 million and $5.1 million were recorded in the first and second quarters respectively.