Fording's Sales Up 25%, Income from Ops
Up 15% -- Stock Up 117%
02/03/2004
How Fording Canadian Coal Trust has done for us: thanks in
part to a huge dividend yield, Fording has produced a 117%
return (+86% per year). Today the company released their end
of year results. The company's press release follows:
CALGARY, February 2, 2004 – Fording Canadian
Coal Trust (TSX: FDG.UN, NYSE: FDG) today announced its 2003
year end results. Net income was $243 million compared with
a loss of $71 million during the prior year. The comparative
results reflect unusual income items resulting from the conversion
into a trust in 2003 and the write down of the operations
in Mexico in 2002. Income from operations was $126 million
in 2003, an increase of 15 percent over the prior year. The
improvement was largely driven by sharply higher coal sales
volumes which were up nearly 25 percent over the prior year.
Net income for the fourth quarter was $31
million
period in 2002. Income from operations for the
percent from the comparable period of 2002.
“The past year has been one of significant
change for Fording, and we have embraced that change,” said
Jim Gardiner, President of Fording Canadian Coal Trust. “The
conversion into an income trust and the formation of the Elk
Valley Coal Partnership has brought considerable benefits
to unitholders. The consolidation of all of Canada’s senior
metallurgical coal operations under a single management was
well timed as recent Chinese demand for seaborne hard-coking
coal and steel products have confirmed our view of the supply/demand
tightness of our principal coal markets.”
Jim Gardiner continued: “Two decades of
oversupply in seaborne hard-coking coal markets have ended,
and we will be assessing our options for expanding production.
Our near-term focus will be to strengthen our presence in
existing markets, while continuing to diversify our customer
base in Europe and China.”
The full press release can be found at www.fording.ca.
For further information contact: Mark Gow,
CA Director, Investor Relations (403) 260-9834 mark_gow@fording.ca
|
