Coal miner SouthGobi posts loss, revenue plunges

Mon May 13, 2013 8:17am EDT
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May 13 (Reuters) - SouthGobi Resources Ltd, a coal miner whose main operations are in Mongolia, posted a first-quarter loss after its revenue plunged 92 percent as its flagship mine remained closed for the better part of the quarter.

Revenue fell mainly due to lower sales volumes and average realized selling prices, the company said.

The company's net loss was $24.9 million, or 14 cents per share, compared with net income of $3.1 million, or 2 cents per share, a year earlier.

Revenue declined to $3.3 million from $40.2 million.