Coal & Allied's profits up

HIGHER production and abnormal profits boosted Coal & Allied's first half results.

Staff Reporter

Rio Tinto subsidiary 70.9% owned Coal & Allied posted a profit after tax of $73.6 million for the six months to June, a significant rise from $34.9 million in the previous year.

The figure includes an abnormal amount of $33 million for the settlement of a contractual dispute.

The company shipped 6.5 million tonnes, or 1.4Mt more than the same period last year, offsetting the effect of lower US dollar coal prices. Sales revenue increased by A$36.5 million to $288.4 million.

Chairman Barry Cusack said, “This strong result was achieved despite downward pressure on coal prices. The result is a credit to all employees who have remained committed to locking in improved productivity and cost efficiencies.”

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