October 07, 2008
Macarthur Coal\'s annual profit down by 55% YoY
Macarthur Coal Ltd announced that it has posted a 55.5% fall in annual profit after adverse weather conditions affected activities at its mine sites in Queensland.
Macarthur Coal announced a net profit after tax of AUD 66.5 million for the twelve months ended June 30th 2007. The reduction in profit in comparison to last year is attributable to wet weather on both minesites, constraints in the Goonyella coal chain and the lower coal price.
Key financial results for the 2007 financial year include
| | 2007 | 2006 | Change |
| Sales revenue | 362.8 | 534.8 | -32.2% |
| EBITDA | 97.3 | 227.6 | -57.2% |
| EBIT | 81.9 | 211.6 | -61.3% |
| NPAT | 66.5 | 149.6 | -55.5% |
Ms Nicole Hollows CEO & MD of Macarthur Coal said that the 2007 result was solid given the obstacles the Company faced during the year. She added that “Infrastructure constraints, wet weather on both mine sites and the lower coal price combined to produce a profit which, although lower than last year, is still within the profit guidance the Company circulated earlier in the year.”
Mr Shane Stephan CFO of Macarthur Coal said that it is still a satisfying result. He said "I would like to point out that although the results are significantly down on those from last year, it's still the second best profitability that Macarthur Coal has achieved in its history. So it still remains quite a solid result."
Macarthur Coal is developing coal assets in Queensland's Bowen Basin and holds a 73.3% interest in the Coppabella and Moorvale mines JV.
