On August 24, Australia-based Macarthur Coal Limited, the world's largest producer of seaborne low volatile pulverized injection coal used for steelmaking, announced its results for the financial year 2009-2010 (FY 2009-10) ended on June 30, stating that successful capital raisings in June and July 2009, combined with strong operating cash flows, has placed the company in a good position.
Macarthur's net profit of AU$125.1 million (US$111.2 million) in FY 2009-10 was down 25.8 percent compared with a net profit of AU$168.6 million in FY 2008-09. When the same periods are compared, the company's sales revenues dropped 3.6 percent from AU$695.4 million to AU$670.5 million (US$595.8 million). Macarthur's earnings before interest, taxes, depreciation and amortization (EBITDA) of AU$213.1 million (US$189.4 million) in FY 2009-10 were down 24.3 percent from AU$281.4 million in the previous financial year.
Commenting on the results, company CEO and managing director Nicole Hollows said, "Going into the year it was not clear that the global economy would improve. However, when demand showed signs of recovering, the company moved quickly to increase production and deliver a record level of sales."