Q2 Results outExtract from MD&A
The Corporation reports a strong second quarter, which is a true success given the current economic instability brought about by the Covid-19 pandemic. Year to date, for the six months ended April 30, 2020 the Corporation reports Sales of US$5,490,982 which is 29% higher than the six months ended April 30, 2019 (US$4,258,091), and net income of US$285,684 (2019: US$191,078) or CDN$384,519 (2019: CDN$254,498). Gross margins continue to hold strong and currently sits at 10% for the six-month period; a similar level seen for the same six-month period last year.
EBITDA for the 6-month period was recorded at US$433,085 or CDN$582,915. Q3 is expected to reflect a further increase in sales, due to an expected return of orders from all of Southern Coal’s customers as they return to production after shutdowns due to the Covid-19 pandemic and subsequent nationwide lockdown in South Africa.