Bloomberg reported that Gloucester Coal Limited an Australian coal producer controlled by Noble Group Limited as saying that full year profit gained more than threefold as prices climbed.

Sydney based Gloucester said today in a statement that net income rose to AUD 81.7 million or 99.8 cents per share in the year ended June 30th 2009 from AUD 23.5 million or 28.7 cents. The median estimate of 6 analysts compiled by Bloomberg was AUD 87 million and the company had forecast profit of AUD 88 million to AUD 95 million. Sales jumped 93% to AUD 306.7 million. It increased sales of thermal coal in the H2. Demand for coking coal, used to make steel may advance and Gloucester is preparing to raise production.

It said that “Recent discussions with the company’s customers indicate a more positive outlook for coking coal and the company is positioning itself to take advantage of the expected increase in demand for coking coal.”

Gloucester rose 1.1% to AUD 6.28 at 10:17 AM Sydney time on the Australian stock exchange. It has gained 62% this year compared with a 19% rise on the benchmark index. It is expanding operations to take annual output to 2.8 million tonnes. Production in the previous year was 1.7 million tonnes.

Noble Group, a Hong Kong based commodity supplier that won control of Gloucester in May, said that Q2 profit more than doubled, helped by a one time gain from the acquisition of Gloucester. Noble owns 87.7% of Gloucester.

(Sourced from Bloomberg)