The net profit for the six months to December 2012 was $494,000 compared to $14,000 in the previous corresponding period.

Bounty’s revenue for the half year was $9.9 million compared to the $10.5 million for the 2011 December half.

All revenue was generated from its contract with Anglo American Metallurgical Coal’s Aquila mine in Queensland.

In its operations update chairman Gary Cochrane said Bounty’s contract with Anglo to mine at Aquila expired in July but the company was in discussions to extend the contract.

“Bounty is also in discussions with other mine operators in relation to potential new projects,” he said.

Bounty is achieving above-target development metres at Aquila as it seeks to put financial problems behind it and to work towards relisting on the Australian Securities Exchange.

The company secured the Aquila contract last July after Anglo indicated that it would put the Bundoora mine on care and maintenance.

“We’ve still got only the one contract but the cash flow is improving,” Cochrane said.

“We are 20 per cent above targets on the development and have established ourselves as a high productivity place-change contractor in thin seams.

“It has been a tough couple of years but things are improving and our production and safety have been of a very high standard.”