The company said its pretax profit for the period ended June 30 was $US2.5 ($A2.67) million, back in the black year-on-year after a $US1.4 million loss in 2012.
Revenue was $US10.5 million, up 15% from $US8.9 million.
Production spiked from 59,000 tonnes to nearly 82,000 tonnes over the same period, a rise of more than 37%.
The results are all the more positive considering challenging times for the industry, an issue that has crossed over all types of coal production. Both demand and prices have taken a tumble, leaving producers with losses, production cutbacks and mass layoffs.
By contrast, Atlantic Coal is on its way up. Besides improved figures at its flagship Stockton mine in eastern Pennsylvania the company also exercised its lease option over the period for the Pott and Bannon mine.
Pott and Bannon is estimated to have about 13.6 million tonnes of run-of-mine coal.
Atlantic managing director Steve Best said in July the decision was in line with its plan to build its anthracite footprint in eastern Pennsylvania.
“This loan facility with Yorkville provides the company with ready access to funds at a time of significant growth and development,” he said, adding that Atlantic was focused on driving Pott and Bannon site toward production.
“Anthracite prices have been depressed over the past year and suppliers have sought to reduce inventory. The loan facility will provide Atlantic Coal with additional financial security should prices remain depressed.”
Best also called the P&B deal “potentially transformational” for Atlantic at the time, and said Thursday that the deal had made for an exciting period for the miner.
“This [growth] has been against a background of falling prices and demand compared with last year, but our flexible approach to operations at the Stockton mine and continuing rigorous review of operations has enabled us to produce a healthy net profit,” he said.
“This has been particularly pleasing given the difficult market conditions.”
The miner is not done yet either.
Best said Atlantic was still on the hunt for high-quality and low-ratio sites in the Pennsylvania anthracite belt. Ideal locations will be those already in progress or those that can quickly be brought online.
