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Its net loss was $US49.7 million in the fourth quarter, more than double the amount posted in the same quarter last year, when it recorded a $22.7 million loss. Revenue was also down, from $261.3 million in 2006 to $254.2 million in the period just ended.
Patriot cited the sale of its Big Run mine and a price adjustment on coal in the Illinois Basin for the $13.7 million loss.
While Patriot anticipated sales in the area of 23-25Mt this year, its tons sold in the final period dropped 9% from 5.6Mt to 5.1Mt.
The Big Run again impacted sales volumes in the Illinois region, while longwall moves at Federal No. 2 and Harris made the biggest dent in the company's Appalachian product.
Its full-year reflection was also murky, with sold coal down to 22.1Mt from 24.3Mt in 2006. Its revenue, in turn, tumbled to $1.07 billion from $1.15 billion.
However, the producer's outlook for the year, its first as an independent entity, was positive overall and Patriot senior vice president Mark Schroeder said it was already off to a good start.
"As we look to 2008, Patriot's operations are off to a solid start, and management is pleased to provide guidance showing significant improvements over 2007, " he said.
"The improved results are an outgrowth of the changes we have made in our mining operations and our ability to capture higher prices."
The company spun off of Peabody Energy on October 31. For 2008, Patriot expects sales volumes of about 23-25Mt.
Its view of global demand was also bright, as Patriot officials said both met and bituminous coal gained momentum during the year's final quarter amidst higher US coal exports and a jump in prices.
"Robust international demand for coal, as well as supply constraints due to infrastructure and other issues, is expected to extend this trend and to result in sustainable, longer-term growth and pricing strength in coal markets," it said.
"Patriot's presence in all three eastern US coal basins, as well as its meaningful metallurgical coal volumes, allows it to fully participate in the strengthening met and thermal markets, both in the US and overseas."
