The metallurgical coal exporter’s revised guidance anticipates net profit after tax of $185-205 million for this financial year, far higher than the $125.1 million reported in the previous year.

Higher coal prices, which have hit records since the Queensland floods, are behind the bigger profit expectations, as Macarthur also reduced its production guidance by 300,000 tonnes to 3.8-4Mt for this financial year.

“It is pleasing to record a profit forecast significantly above the result in the previously corresponding period,” Macarthur chief executive Nicole Hollows said.

“This is an impressive result given that force majeure was in place for five months of the 2011 financial year.”

Macarthur only recently lifted its force majeure notifications and is ramping up to return to full production levels.

“We are also improving water mitigation structures and maintaining a focus on operating costs,” Hollows said.

Macarthur shares are down 3% to $10.81 this morning.