For the 2013 calendar year Walter had a net loss of $359 million – yet this was a 66% improvement on the net loss of $1.06 billion it clocked up for 2012.

There were some big one-off charges in the December quarter.

Walter consequently reported a $16.53 million operating loss for the period before impairment and restructuring charges, with this figure 81% smaller year on year.

Walter increased metallurgical coal production 28.3% year on year to 3.2 million tonnes for the December quarter while it reduced the average cost of production for metallurgical coal by 28.1% year on year to $68.02 per tonne.

“Production improvements were driven by a significant increase in output from the company's Mine No. 4 in Alabama, along with higher volume at the company's Wolverine mine in Canada,” Walter said.

The average hard coking coal price received was $137.39/t in the December quarter, which was a 10% year-on-year fall.

"Operationally, we finished the year with our mines performing well," Walter CEO Walt Scheller said.

“Our fourth quarter results reflect the ongoing focus on improving safety, reducing costs and increasing productivity.

"For the year, we achieved our cost reduction targets, lowering met coal cash cost of production per tonne by more than 17% and reducing selling, general and administrative expenses to an annual run-rate of $80 million.

“We expect that these accomplishments will continue to yield benefits going forward and we are focused on achieving further improvements in 2014."