“Throughout the year, revenues increased because of higher coal prices and increased production. We also benefited from demurrage costs falling to an average of US$0.19 per tonne in the second half as a result of the Port Allocation System and more efficient use of infrastructure along the Hunter Valley coal chain,” company managing director Grant Thorne said.

Restructuring during February when Rio Tinto took management control of Coal & Allied delivered benefits of $15 million for the year.

Thorne said the strong Australian dollar, increased oil prices and the higher coal royalty introduced by the New South Wales government mid-year had a negative impact on the company’s result.

In personnel news, Brian Horwood resigned as non-executive director and has been replaced by Chris Renwick.