Coronado Coal (ASX:CRN) posted record quarterly revenue following higher coal prices during the March quarter.
During the quarter, it reported revenue of $947 million, up 22.3 per cent from the prior quarter. It also reported a record metallurgical coal price of $267 a tonne, up 24.4 per cent from the prior quarter.
The company said met coal prices and revenues for shipments from its US and Australian operations reached record levels during the quarter, and remain elevated due to strong global demand and disrupted Russian coal supply.
It also said that due to its coal contracts in general being on a three-month lag basis, it expects pricing in the June quarter to improve further.
Looking beyond the near term, Coronado expects met coal prices to moderate from their current highs over the course of 2022 but to remain elevated above historical averages due to the ongoing trade constraints from Russia and China, and elevated thermal coal prices providing a floor for met coal prices.
Coronado’s run-of-time coal production for the March quarter was 6.7 million tonnes, up 5 per cent from the prior quarter. The robust price environment saw Coronado report a net cash position of $257 million.
Shares in Coronado Coal (ASX:CRN) are trading 4 per cent higher at $2.22.