Coal Energy increases coal production 5% yoy in 9MFY12

Coal Energy (CLE PW) reported flat mom total underground coal extraction at 134.8 kt in March 2012, while thermal coal production declined 2% mom and coking and dual-purpose coal output grew 8% mom, according to an announcement on Friday. Coal output from waste recovery remained stable mom at 17.6 kt in March. The published data implies Coal Energy increased coal mining 64% yoy to 1.19 mmt in 9MFY12, but reduced coal production from waste recovery 71% yoy to 157.4 kt, which translates to 5% yoy growth in total coal production to 1.35 mmt during the period.