The net profit for the year was $1.7m compared to net loss of $5.3m in the prior year. Production at the Stockton Colliery increased to 232,499 tons of run-of-mine coal produced, a significant increase from 49,992 tons in fiscal 2008.
For the year, gross profit was $1.69m compared to gross loss of $5.29m in the last year.
During the year, the company signed supply and partnership agreement post period end with Xcoal Energy & Resources, extending its sales reach into the Asian market.
Stephen Best, managing director of Atlantic Coal, said: “Throughout 2009 we have made sustained progress at our primary asset, the Stockton Colliery, and we remain committed to the continued increase of our coal production.
“In addition, we have focussed our attention on maximising our sales potential with deals such as the supply agreement with Xcoal and we believe that we are now ideally placed to make sales in wider geographic markets.
“The board remains committed to our long term strategy of acting as a consolidator in the Pennsylvanian Coal Field and we continue to assess a number of opportunities in this regard.”
