Consol Energy profit falls 23 percent as coal prices tumble

Thu Jan 31, 2013 7:09am EST

Jan 31 (Reuters) - Coal and natural gas producer Consol Energy Inc reported a 23 percent drop in quarterly profit on lower sales volume and weak prices for steel-making coal.

Weak demand from steelmakers in China and Europe and a rebound in exports out of Australia, the world's biggest exporter of the steel-making component, pulled down prices of metallurgical coal during the quarter.

Consol's net income fell to $150 million, or 65 cents per share, in the fourth quarter from $196 million, or 85 cents per share, a year earlier.

Revenue fell 14 percent to $1.2 billion.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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