SEATTLE (AP) â¿¿ L&L Energy Inc. on Friday reported a lower profit for its fiscal first quarter as the coal mining company's expenses increased and revenue declined.
The Seattle company, which mines and distributes coal in China, said net income fell to $3.1 million, or 8 cents a share, for the three months ended July 31. That compares with net income of $12.3 million, or 36 cents a share, in the same quarter last year.
Revenue sank to $36.6 million from $55.3 million in the same quarter last year.
Management said the quarter's results were affected by the idling of the company's mines during mandatory but temporary closures and shutdowns issued by local authorities.Chairman and CEO Dickson Lee said that negative perception on companies that operate in China has slowed L&L Energy's growth plans. "However, we continue to improve our foothold in the coal industry and have been able to make tremendous strides in positioning ourselves at the forefront of a number of opportunities in South China," Lee said. L&L shares ended the regular trading session down 16 cents, or 4.6 percent, to $3.31.