(EnergyAsia, August 3 2011, Wednesday) — L & L Energy Inc, a US-based company operating coal businesses in China, said its income rose by nearly 20% to US$37 million while its revenue more than doubled to a record US$224 million for the FY2011 which ended on April 30.
Fully diluted earnings per share from continued operations for the year came to US$$1.21. The Seattle, Washington state-based company said it earned US$31 million on revenue of US$109 million in 2010.
Dickson Lee, L&L’s chairman and CEO, said:
“I am pleased to report that our revenues experienced strong growth, primarily attributable to the execution of our organic expansion plans. In April 2011, the last month of the fourth quarter, we cooperated with local authorities to slow down mining production to enforce safety standards, which was the primary reason we missed our guidance on net income for this fiscal year.
“Our results for this fiscal year continue to illustrate our ability to increase the production capacity of our existing operations, conduct accretive acquisitions, such as the DaPing mine, as well as our flexibility to work under increasing government safety requests.
“As the Guizhou coal mining consolidation has started in April, L & L is ready to take on these opportunities and challenges to demonstrate our leadership and prowess in becoming a leader in the China coal industry.”