Australia's Coal & Allied sees H2 earnings down 63 pct yr-on-yr |
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Published
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Wed, 17 Jan 2007 01:19
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SYDNEY (XFN-ASIA) - Coal & Allied Industries Ltd said its expects earnings in the second half of 2006 to drop 63 pct year-on-year to around 60.0 mln usd.The company, 75 pct owned by Rio Tinto, said the forecast is due to significant shipping congestion at the port of Newcastle and increased operating costs.The earnings outlook is also well down on the 146.5 mln earned in the the first half of 2006.Chief executive Douglas Ritchie said the significant shipping queues, particularly in November and December, not only impacted sales volumes and delay charges but had flow-on effects through the production chain, leading to lower volumes and production inefficiencies.The miner ships coals from its mines in the Hunter Valley coal region in the eastern Australian state of New South Wales via the port of Newcastle.Coal & Allied is due to release its 2006 results on Jan 29.(1 usd = 1.28 aud)paul.daniel@xfn.com
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