Toronto, Canada — 31 May 2012 – Canadian-based and listed Forbes & Manhattan Coal Corporation “’ which holds a majority interest in two operating mines in South Africa through its 100% interest in Slater Coal (Pty) Limited “’ has revealed that Slater’s revenue in the fiscal year 2012 more than doubled from US$46.7 million to US$104.5 million.
In a results statement issued here, the company said consolidated revenue was US$104.5 million compared to US$27.7 million for the year ended February 28, 2011. Consolidated gross profit was US$17.4 million compared to US$4.2 million a year ago, and Slater Coal stand alone EBITDA was US$27.3 compared to US$16.5 million for the year ended February 28, 2011.
“Our remarkable results over the past fiscal year are due to our focus on growing our operations. The US$20 million capital expenditure investment has increased our revenue by 124% year-over-year,” said Forbes Coal president and CEO Stephan Theron . “Asian demand for coal remains consistently strong and Forbes Coal intends to continue implementing a marketing strategy that targets this region,” he added.
“We are also very pleased with the expansion and growth at our Aviemore anthracite mine. Domestic and export demand for our anthracite product remains strong and as we grow our share of this market, we are seeing increased demand. As a result, we will continue to evaluate the expansion potential of this mine,” Theron declared.
The company produced a total of 923,700t in the year ended 29 February 2012 “’ a 43% increase on the 648,000t output of the previous fiscal year.