The profit upgrade replaces a net profit after tax forecast of $A67–75 million made in May this year – a combination of operational revenue and the sale of its 19.61% interest in Monto Coal.
Macarthur acting chief executive Peter Kane said the revised forecast was a result of “substantial improvement” in the second half of the year, compared to the first-half profit of $A13.5 million.
“The revised NPAT forecast follows increased coal sales and shipments in June due to a reduction in the vessel queue at Dalrymple Bay Coal Terminal providing the ability to load more vessels than forecast,” Kane said.
“This is particularly pleasing considering operations at Coppabella continue to suffer residual effects from flooding in the Bowen Basin earlier this year.”
Severe weather and floods in the Bowen Basin had stopped operations at Macarthur’s Coppabella pulverised coal injection (PCI) coal project.
Macarthur has been subject to recent takeover speculation regarding Indian steel giant ArcelorMittal, which acquired a 19.9% stake in the company earlier this month.
Macarthur closed up 11.76% yesterday at $17.10.
