Coronado Global Resources Inc. (ASX: CRN) has announced its financial results for Q3 2024, showing a net loss of $71.0 million. This loss is $49.9 million higher than the same period last year. The decline is mainly due to reduced coal revenues resulting from lower average realized metallurgical coal prices and decreased sales volume. Despite these challenges, production levels remained consistent compared to the previous year.
Coronado Global Resources Inc. reported a challenging Q3 2024 with a net loss of $71.0 million, largely due to lower coal revenues. The company experienced a 15.1% decrease in coal revenues and a loss in adjusted EBITDA of $19.1 million. Market conditions, such as weakened demand from China and India, adversely affected coal prices. Despite operational challenges, including equipment failures and increased rainfall in Australia, U.S. operations showed some improvement. Coronado successfully refinanced by issuing $400 million in Senior Secured Notes, enhancing financial flexibility. The company also paid a dividend of $8.4 million and maintained liquidity of $326.1 million. Coronado continues to focus on operational efficiencies and financial stability amidst market challenges.
The reduction in coal revenues and increased net loss were primarily driven by challenging market conditions, including weakened demand from key markets like China and India. We have faced operational challenges in both Australia and the U.S., but we are committed to maintaining safety standards and managing our financial risks through strategic initiatives.