Whitehaven set for FY10 profit of $50m to $55m
June 10, 2010
Whitehaven Coal Limited (WHC) has dismissed recent speculation it would raise fresh capital. The company said it was more than adequately capitalised following the $200 million raised from the previous sales of Narrabri joint venture proceeds.
Further, Whitehaven said it expects its underlying net profit after tax for FY 2010 to be in the range of $50 million to $55 million, subject to securing planned rail and shipping performance this month.
The coal miner hosed down speculation that recent increases in coal prices would bolster its bottom line this year, saying the coal prices for this quarter were already locked in.
”The benefits of recent coal price rises will be realised in the year ending 30 June 2011, rather than in the current quarter,” the company said.
At 1129 AEST, Whitehaven shares were trading down 15c to $4.50.
Further, Whitehaven said it expects its underlying net profit after tax for FY 2010 to be in the range of $50 million to $55 million, subject to securing planned rail and shipping performance this month.
The coal miner hosed down speculation that recent increases in coal prices would bolster its bottom line this year, saying the coal prices for this quarter were already locked in.
”The benefits of recent coal price rises will be realised in the year ending 30 June 2011, rather than in the current quarter,” the company said.
At 1129 AEST, Whitehaven shares were trading down 15c to $4.50.
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