Forbes Coal posts revenue increase

[] — Forbes & Manhattan Coal, which has listings in Toronto and Johannesburg, reported a 245% increase in revenue year-on-year to C$31.2m for the quarter to end-November 2011 on Tuesday.

On a quarter-on-quarter basis, however, revenue was down 11% from $35.2m.

Consolidated EBITDA increased 19% on a quarter-on-quarter basis to $8.2m, with gross profit growing 21% to $6.8m.

“The largest portion of the capital program at Magdalena is complete and the company is well positioned to maintain strong growth rates,” said Stephan Theron, President and CEO. “The return on investment from our capital expenditure program is evident as production at both of our mines continues to increase. In addition, sales remain consistent as a result of the continued global demand for coal.”

Total saleable production in the third quarter of 2012 was 246,600 tonnes, a 13% sequential increase when compared to the 218,700 tonnes of total saleable production in the second quarter of 2012. Year-over-year total saleable production increased 32% over the 187,000 tonnes produced in the third quarter of 2011. Fiscal year-to-date total saleable production is 672,500 tonnes.

Total sales in the third quarter of 2012 were 331,300 tonnes, a slight decrease when compared to the 339,800 tonnes sold in the second quarter of 2012. Year-over-year total sales, however, increased 246% when compared to the 95,600 tonnes sold in third quarter 2011. Fiscal year-to-date total sales are 861,900 tonnes.

Exports accounted for 60% of sales.