Centennial Coal (ASX:CEY) has announced a 28% fall in the net profits for the year 2009-2010. The annual net profit was reported at $51.5 million a step down from the $71.2 million posted by the company in the financial year 2008-09.
However the company said that it expected exports to rise and hoped to do better in this current fiscal year. The underlying operating net profit after tax was $53.3 million for fiscal year 2010 which was lower than the year before when the net profit after tax was $82 million.
The export tonnes were up 6% which was a combination of 23% reduction in the export price and an 8% appreciation in the Australian dollar. The company has declared a final dividend of 4 cents a share franked to 40%.
Banpu have offered $6.20 a share for all Centennial shares not owned or controlled by the Thai company. The company's directors are giving an unanimous recommendation to Centennial's Shareholders to accept the offer being made by Banpu Public Company Ltd.