Despite continuing its dalliance in the red, Eastern did manage to close the gap on its 2009 loss when compared with a loss of $4.3 million for the previous financial year.

The closing loss was thanks to a profit of between $900,000 and $1 million from its New Zealand division, compared with a loss for the same period last year of $1.42 million.

Eastern owns the Cascade and Takitimu open cut coal mines on New Zealand’s South Island.

Eastern was closed steady yesterday at 46c.