A workforce reduction was not sufficient to keep
The company laid off 130 employees in July, about two-thirds of its workforce, owing to “disappointing productivity” and slumping coal prices. However, 21 employees were re-hired as productivity improved in tandem with the mine’s safety record. The amount of clean tonnes of coal produced per manhour increased to 4.1 tonnes in the latest quarter ended Sept. 30 from 2.5 tonnes in the first quarter.
In the last quarter of 1998, Hillsborough expects to produce 158,000 tonnes of coal at a production rate of 4.8 tonnes per manhour. The company says it will continue its push for additional improvements, including benefits from the purchase of an additional mining company, scheduled to be delivered early next year.
On the financial front, Hillsborough reported a net loss of $2 million on revenue of $5.7 million in the latest quarter, compared with earnings of $100,000 a year earlier. A net loss of $5.9 million was reported for the first nine months of 1998, compared with earnings of $1.2 million a year earlier.
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