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Centennial Coal Reports Drop in Profits

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.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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