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ST. LOUIS, July 24 (UPI) -- U.S.-based Peabody Energy Corp. doubled its profits in the second quarter of 2008.
Higher sale prices for coal led to the boost for Peabody, which also sold more coal as it is still cheaper than oil and natural gas, the St. Louis Post-Dispatch reported.
Peabody's revenue reached $233.4 million, or 89 cents a share, from $107.7 million, or 37 cents, in the same period a year ago. Revenue increased 43 percent to a record $1.53 billion, St. Louis-based Peabody said in a statement.
Chief Executive Gregory Boyce said in the release that the company's success may also be attributed to global investments.
In Australia, Peabody's revenue per ton rose 84 percent in the second quarter, and in the United States revenue per ton rose 22 percent.
Boyce told the Post-Dispatch that every coal-producing region it is involved in saw the market price of coal increase so far this year.
He added that he thought the increase was not just a temporary high and that he expected prices to stay at current levels for some time.
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