Macarthur Coal upgrades profit guidance
January 14, 2010
Macarthur Coal Limited (MCC) said that coal sales in the six months to 31 December 2009 had outstripped guidance the miner had offered as recently as 18 November. As a result, the company said it had revised its profit guidance for the six months to December 2009 to be in the range of $37 million to $42 million, ahead of the $30 million to $38 million previously flagged.
Macarthur Coal said the revenue had sold 2.8 million tonnes in the six months, ahead of the expected 2.4 million – 2.7 million tonnes.
“It is pleasing to see the strong recovery in sales and that we are now back to full production,” CEO Nicole Hollows said.
The buoyant sales volumes, with the December quarter being the second highest in the company’s history, were attributable to good weather and a reduction in vessel queues at the Dalrymple Bay Coal Terminal.
The company however said it was expecting a more muted second half to the year as it is starting with lower volumes and has foreshadowed more challenging weather conditions.
By the end of the year the company said it anticipated selling between 4.8 million tonnes and 5 million tonnes.
It wasn’t all good news from the coal producer, with Ms Hollows saying that it was facing delays securing water and rail requirements for the Middlemount coal project.
Middlemount Coal is progressing development of its own rail loop and water supply pipeline which are expected to be completed in the December half 2011.”
At the close Thursday, Macarthur shares were $11.54 each.
Macarthur Coal said the revenue had sold 2.8 million tonnes in the six months, ahead of the expected 2.4 million – 2.7 million tonnes.
“It is pleasing to see the strong recovery in sales and that we are now back to full production,” CEO Nicole Hollows said.
The buoyant sales volumes, with the December quarter being the second highest in the company’s history, were attributable to good weather and a reduction in vessel queues at the Dalrymple Bay Coal Terminal.
The company however said it was expecting a more muted second half to the year as it is starting with lower volumes and has foreshadowed more challenging weather conditions.
By the end of the year the company said it anticipated selling between 4.8 million tonnes and 5 million tonnes.
It wasn’t all good news from the coal producer, with Ms Hollows saying that it was facing delays securing water and rail requirements for the Middlemount coal project.
Middlemount Coal is progressing development of its own rail loop and water supply pipeline which are expected to be completed in the December half 2011.”
At the close Thursday, Macarthur shares were $11.54 each.
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