Higher coal prices helped push
The Vancouver-based company posted net income of $919,329 for the year, reversing a loss of $192,275 in 2002. Coal revenue between the two periods slipped to $13.5 million from $18 million, reflecting the company’s decision to withdraw from the spot market after the end of the first quarter. That decision was based on lower spot prices and the strengthening of the Canadian dollar against the U.S. greenback.
Net earnings in the last quarter of 2003 climbed to $419,216, compared with a loss of $573,686 in the last three months of 2002.
Hillsborough operates the Quinsam coal mine on Vancouver Island, near Campbell River, B.C. The company recently purchased a barge loading facility on the island for $3.3 million and 400,000 of its shares.
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