MARKETS

L&L ends fiscal year strong

ACQUISITIONS in China helped increase revenues for Washington-based L&L International Holdings du...

Donna Schmidt

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.

TOPICS:

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Monthly Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Magazine Intelligence Exploration Report 2024 (feat. Opaxe data)

A comprehensive review of exploration trends and technologies, highlighting the best intercepts and discoveries and the latest initial resource estimates.

editions

Mining Magazine Intelligence Future Fleets Report 2024

The report paints a picture of the equipment landscape and includes detailed profiles of mines that are employing these fleets

editions

Mining Magazine Intelligence Digitalisation Report 2023

An in-depth review of operations that use digitalisation technology to drive improvements across all areas of mining production