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The record profit was thanks to the continuation of strong demand for coal throughout the year.
Coal & Allied’s managed production of saleable coal for the year was down 2% to 28.6 million tonnes, consistent with its allocation under Port Waratah Coal Services and its contracts.
“Overall shipments, and hence production, were aligned with port and rail capacity. New investments in rail and port infrastructure, announced in 2005, are expected to provide increasing capacity from mid-2006,” company managing director Grant Thorne said.
Coal & Allied said it continued to face “unremitting cost pressures” during the year with fuel alone costing the company $A19 million over 2004. Hard to come by services included heavy mobile equipment, off-road tyres, explosives, skilled labour and maintenance materials.
Coal & Allied, which is managed and 75.7% owned by Rio Tinto, closed on Tuesday up 1.02% at $A54.6.
