JAKARTA (Yosefardi) – Coal producer Atlas Resources (ARII) reported net loss of US$3.7 million in the first half of 2013 against net profit of US$607,000 in the corresponding period of 2012.
Atlas could have posted bigger losses if the company didn’t book US$9.4 million gain from negative goodwill.
Atlas, which had total assets of US$336.6 million as at June 30, 2013, posted gross loss of US$6.05 million in the period against gross profit of US$9.58 million in first half of 2012.
Atlas generated sales revenue of US$57 million, grew by 32% from first half of 2012, but cost of sales also jumped 85% to US$63.3 million.
Operating expenses also grew substantially by 18% to US$9.5 million, while finance cost dropped from US$2.86 million to US$904,000.