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Corsa Coal Announces Financial Results for Q2 & H1 of 2019

Coal News - Published on Thu, 22 Aug 2019

Image Source: SteelGuru
Corsa Coal Corp reported financial results for the three and 6 months ended June 30, 2019. Corsa reported net and comprehensive income from continuing operations of USD 3.6 million attributable to shareholders, for the Q2 2019, compared to a loss of USD 4.9 million attributable to shareholders, for the second quarter 2018. Net and comprehensive income from continuing operations for the six months ended June 30, 2019 was USD 6.6 million attributable to shareholders compared to a loss of USD 2.9 million attributable to shareholders for the six months ended June 30, 2018. Corsa's adjusted EBITDA was USD 10.1 million and USD 19.3 million for the three and six months ended June 30, 2019 compared to USD 4.3 million and USD 15.2 million for the three and six months ended June 30, 2018. Corsa's EBITDA was USD 10.2 million and USD 19.8 million for the three and six months ended June 30, 2019 compared to USD 2.3 million and USD 11.4 million for the three and six months ended June 30, 2018.

Cash production cost per ton sold was USD 84.55 for the second quarter 2019, a decrease of USD 7.65 per ton, or 8%, as compared to the second quarter 2018. Cash production cost per ton sold was USD 83.92 for the six months ended June 30, 2019, a decrease of USD 7.87 per ton, or 9%, as compared to the six months ended June 30, 2018.

Total revenue from continuing operations was USD 63.0 million for the second quarter 2019 compared to USD 57.3 million for the second quarter 2018, an increase of 10%. Total revenue from continuing operations was USD 120.3 million for the six months ended June 30, 2019 compared to USD 137.8 million for the six months ended June 30, 2018.

Low volatile metallurgical coal sales tons, comprised of "Company Produced" tons and "Value Added Services" purchased coal tons, were 414,105 in the second quarter 2019 compared to 282,444 in the second quarter 2018. In the second quarter 2019, Corsa sold a total of 36,306 "Sales and Trading" tons, which are treated as pass-through from a profitability perspective, compared to 109,890 tons in the second quarter 2018. See "2019 Year-to-Date Sales Metrics" for a description of Corsa's three types of metallurgical coal sales.

Corsa achieved an average realized price per ton of metallurgical coal sold of USD 117.48 for all metallurgical qualities in the second quarter 2019 compared to USD 115.52 in the second quarter 2018. This average realized price is the approximate equivalent of USD 168 to USD 174 on an FOB vessel basis. For the second quarter 2019, Corsa's sales mix included 31% of sales to domestic customers and 69% of sales to international customers.

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Posted By : Sanju Moirangthem on Thu, 22 Aug 2019
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