NSW miner Austral Coal has forecast pre-tax second half profit to exceed $5 million, despite a net loss of $12.53 million for the six months to June 30, 2000. The company was hit by abnormal charges of $18 million related to foreign exchange hedge contracts.

Austral said the 5% reduction in the price of coal had also affected the results. Coal production was also restricted during May and June because of a scheduled longwall relocation at Tahmoor Colliery near Picton.