1 November 2011
Coal Energy SA (WSE: CLE PW, N/R) increased its net profit by 7.7x to USD 39.5 mln in FY2011, the company reported yesterday. Revenues increased by 2.7x to USD 150.9 mln, due to the acquisition of Chapaeva and Novodzerzynskaya mines, which account for 50% of its total coal output in FY2011 and increased coal from waste dump processing. The share of export sales increased by 10 pp y-o-y to 25.6%. Gross profit increased by 2.9x y-o-y to USD 54.7 mln.