For the period ended January 31, US-based and China-focused L&L reported revenues of $US37.9 million, a 280% spike versus the same quarter last year. Net income increased 440% to $9.5 million.
Looking at the producer’s first nine months, revenues more than doubled from $30.9 million to $75.2 million. Earnings nearly tripled from $6.7 million to $19.2 million.
"Successful execution of our expansion plan in China resulted in outstanding sales and net income in the quarter," L&L chairman Dickson Lee said.
"As planned, we will continue to expand production at our coal operations, taking advantage of the China coal consolidation policy."
The producer, which has marked several coal expansions in recent months including its subcontracting of the ZoneLin Coal Coking complex in the Yunnan Province in February, said coal revenues for the third quarter were derived entirely from its mining, washing, coking and wholesale operations in China.
“L&L will continue to execute its expansion in coal mining operations and coal-related business,” the company said in its outlook, adding that it plans to increase coal sales to gain higher-margin market access.
L&L now operates in three south China provinces, having focused its expansions from the Yunnan Province into the Guangzhou and Guizhou provinces. Its holdings include KMC Coal Wholesale, the DaPuAn, SuTsong and Ping Yi mines, Hon Shen Coal and the TNI operation
