LONDON (Alliance News) - Atlantic Coal PLC Thursday said it swung to a pretax profit in its first half as it increases production towards further development.
The UK- and US-based coal production and processing company posted a pretax profit of USD2.5 million for the six months ended June 30 compared to a pretax loss of USD1.4 million the previous year.
The company said its sales increased 15% to USD10.5 million from USD8.9 million as the company increased its clean coal production by 37% to 81,965 tonnes, despite a scale-back of production in its second quarter on lower coal prices.
Atlantic Coal also increased its portfolio of assets producing coal during the period and expects that new assets in Pennsylvania will ramp up further production in the near- to medium-term.
Atlantic Coal also signed a key loan agreement in July with YA Global Master SPV Limited, allowing the company to borrow USD5 million to develop operations.
Atlantic Coal shares were up 36% to 0.170 pence in early trading Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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