Pittston Takes Another Coal Business Earnings Hit

摘要

An 11 million dollars charge stemming from its long-suffering coal operations brought down Pittston Co.'s first quarter 2002 net income, the company reported yesterday, although income from continuing operations almost doubled in the same period.While Pittston reported an overall gain in income for 2001 (CD 1/31/02), the coal unit has dragged on Pittston's earnings for several years, making difficult the company's ongoing attempts to sell its coal properties. "There is no change in our commitment to completing the sale of our coal operations," company chairman Michael Dan said in a statement yesterday, adding that the company still intends to sell the unit this year.