Takeover target Whitehaven posts $114.9 million net profit in FY 2009-10

Tuesday, 24 August 2010 14:23:55 (GMT+2)

On August 23, Whitehaven Coal Ltd, Australian coking coal producer and a current takeover target, issued its financial results for the year ended June 30, 2010 (FY 2009-10).

According to the financial results, the net profit of the company was AU$114.9 million (US$102 million) in FY 2009-10, compared with a net profit of $244.2 million in FY 2008-09, decreasing 53 percent. Sales revenues in the year saw a drop of 16.9 percent, decreasing from $489.4 million to AU$406.8 (US$360 million) million year on year.

Whitehaven Coal produced 3.4 million mt of saleable coal, and sold 3.31 million mt of produced coal and 828,000 mt of purchased coal in FY 2009-10, increasing 24 percent, 20 percent and one percent respectively.

Commenting on the results, the company said: "Whitehaven has emerged from the financial year with a strong financial position, low-risk open cut production base and attractive growth profile. Strong fundamental growth in demand for both metallurgical and thermal coal remains, and supply continues to be constrained by infrastructure and regulatory issues."

China Shenhua Energy Co. and Alpha Natural Resources Inc. may be among companies interested in acquiring Whitehaven, Australian media reports have said.

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