Australian coal miner Centennial sees US$28 million net profit in H1 FY 2009-10

Monday, 22 February 2010 17:13:33 (GMT+2)

On February 19, Australian coking coal producer Centennial Coal reported a net profit of AU$31.1 million in its financial results for the first half of the financial year 2009-2010 (FY 2009-10) ended on December 31, stating that shareholders can look forward to an increased profit in the second half of the year.

Centennial's net profit of AU$31.1 million (US$28 million) in the first half of FY 2009-10 was down 27 percent compared with a net profit of AU$42.7 million in the same period of FY 2008-09. When the same periods are compared, the company's sales revenues dropped 13 percent from AU$439.2 million to AU$381.9 million (US$343.4 million). Centennial's earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$77.8 million (US$70 million) in the first half of FY 2009-10 was down 37 percent from AU$123.4 million in the corresponding period of the previous financial year.

Centennial's net debt of AU$247.3 million (US$222.4 million) on December 31, 2009 was up 45 percent compared with a net debt of AU$135.8 million on December 31, 2008.

Commenting on the period in question, company managing director and CEO Bob Cameron said, "The December 2009 half-year has seen Centennial make substantial progress with the construction of Airly Mine and the Mandalong Haul Road, both of which will assist the group to achieve higher export sales at a time of strong demand and higher prices."

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