Massey takes Q3 earnings hit on lower met sales

摘要

US producer Massey Energy sustained a heavy earnings fall in the September quarter, hit by recessed conditions in its home utilities market and a lower percentage of higher-priced met coal sales. A statement showed the company's net income for the September quarter slid to 16.5 million dollars, down 68% on 51.6 million dollars declared for the same quarter of 2008. The result reflected a pincer effect from lower selling prices and higher costs. Sales dipped 15.5% year-on-year from 10.3m short tons (st) to 8.7mst, with revenue down 4.3% from 64.59 dollars/st to 61.79 dollars/st on the same basis. Average cash costs rose 2.7% y-o-y from 48.49 dollars/st to 49.81 dollars/st.