Walter Energy Inc reported a significant drop in second-quarter revenue and profit due to the global decline in demand for coal.

Walter Energy posted a net income of USD 11 million in the second quarter as compared with USD 50.8 million a year ago. Revenue dropped by 38% to USD 169.1 million from USD 274.4 million in the same quarter last year. Operating income for the first six months of the year rose 18.5% to USD 122.9 compared to a year ago.

Mr Victor Patrick vice chairman & CFO of Walter Energy said that “The company delivered a solid second quarter despite difficult market conditions.” He said that in June, shipments improved following a lull in April and May.

(Sourced from Tampa Bay Business Journal)