stuff.co.nz reported that Lyttelton Port of Christchurch is forecasting lower earnings this year as it expects lower volumes of coal to be moved through the port.

The port company is forecasting a 17% fall in its coal volumes for the year to June 2013, and a NZD 700,000 reduction in its after tax earnings following announcements by Solid Energy of proposed changes due to the effect of the challenging global coal market on its business.

Last month Solid Energy revealed a loss of NZD 40 million for the year to June 2012 after writing down the value of its assets by NZD 110 million, saying plummeting global coal prices meant its revenues would fall by NZD 200 million. It also announced 440 jobs would be cut.

Lyttelton Port of Christchurch's coal yard is the largest coal handling facility in New Zealand and exported record 2.45 million tonnes in the last financial year.

The port company will provide a forecast for its full year result at its annual meeting on November 2, 2012.

Source - stuff.co.nz

(www.coalguru.com)