Macarthur Coal Ltd has had a good year and this reflects in its revised full year profit forecast.
The world’s largest producer of pulverized coal which is used by steelmakers has gone from predicting a profit in the range of Australian $103 million to $113 million to a profit in the range of Australian $115 million profit to $125 million profit for the year ending June 30.
Coppabella Mine. Image Credit: Macarthur Coal
This is the net profit expected prior to any non-cash adjustments for Brisbane based Macarthur Coal Ltd. The sales of 5.26 million tonnes of coal have yielded the profits. The estimated coal sales were initially pegged at 4.8 million tonnes to 5 million tonnes.
Nicole Hollows, the chief executive of Macarthur said that their operations have remained focused on coal delivery with the Dalrymple Bay Coal Terminal achieving record throughput in June as they were able to load some shipments sooner than expected.
Ben Potter, an IG Markets analyst said that the news would bode well for Macarthur shareholders. He also expects a strong buying support opinion for the company in the coming financial year.
The Company currently operates two mines in Queensland's Bowen Basin and plans to double its production capacity in the next five years through the development of the Middlemount Mine project and an additional mine from its extensive project portfolio.