L&L Energy fiscal 1st-quarter net income surges on acquisitions

L&L Energy fiscal 1Q net income quadruples

SEATTLE — L&L Energy Inc., which operates coal businesses in China, issued preliminary results for its fiscal first quarter Tuesday, saying net income more than quadrupled, helped by acquisitions.

For the three months ended July 31, L&L said its net income jumped to $10.9 million, or 36 cents per share, from $2.7 million, or 13 cents per share, in the year-ago quarter.

Revenue surged to $55.3 million from $12.7 million in the same period last year.

“We continue to experience the accretive effects of the four acquisitions we made last year, as well as the benefits of operational improvements at those facilities,” said L&L CEO Dickson Lee in a statement.

The company said it will issue its full quarterly results “shortly.”