Forbes Coal’s Q1 loss decreases to $20 000 from $3.36m on mine efficiencies, record production
Dual-listed Southern Africa-focused coal producer Forbes Coal has posted notably improved financial results for the first quarter ended May 31, narrowing its 2013 fourth-quarter loss of $3.36-million to a loss of $20 000 in the first quarter of the 2014 fiscal year.
Revenue improved from $13.47-million in the fourth quarter ended February 28, to $20.51-million in the first three months of the 2014 financial year, which president and CEO Stephan Theron attributed largely to improved operational efficiencies and strengthened production volumes.
“We have been successful in continuing to reduce our operating expenses this quarter, which has been increasingly important as export coal prices decline further,” he commented.
In May, Theron said a reduction in operating expenses would be critical to provide some relief and cost containment in the face of softening coal prices, which dropped from an average of $96.59/t in the 2012 financial year to $81.87/t in 2013.
Operating expenses for the three months averaged $64.36/t, compared with $68.86/t for the fourth quarter of the prior year.
First-quarter saleable production from the company’s South Africa-based Magdalena and Aviemore operations increased by 18% on the prior quarter’s 214 000 t, to 253 000 t.
This came on the back of a 62% improvement in run-of-mine production from the Aviemore mine, which improved from the 86 000 t produced in the fourth quarter to 138 000 t in the first three months of 2014.
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