Massey Energy reports $88.7M loss in 2nd quarter
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Massey's Performance Coal owns the Upper Big Branch mine in Montcoal. |
By John Hingsbergen & Associated Press
July 28, 2010 ·
Massey Energy and its investors lost money during the second quarter of this year.
The Virginia-based
company that owns West Virginia’s Upper Big Branch says the April 5 explosion at its Raleigh County mine resulted in an $88.7 million
second-quarter loss.
Massey said Tuesday
that the loss amounted to 88 cents
per share in the period.
Massey earned $20.2 million, or 24 cents per
share, in the same period a year earlier. Total revenue was
reported at $810.1 million, compared with $697.6 million last year.
Massey had predicted the
explosion would result in a loss ranging from $80 million to $150 million. The company says the mine is
not expected to reopen this year.