Australia-based mining company Gloucester Coal has announced its financial results for the financial year 2010-2011 (ended June 30, 2011), posting a 67 percent rise in net profit after tax.
Gloucester Coal's net profit after tax for the financial year 2010-2011 increased to A$54.6 million compared to A$32.7 million in the previous financial year. The company also increased its revenue from the sale of coal by 34 percent to A$306.6 million compared to the previous year. For the given period, total coal production of Gloucester Coal was 1.8 million mt, while sales increased by eight percent to 2.13 million mt.
According to the company statement, acquiring Monash, Middlemount and Donaldson, Gloucester Coal increased its resources by 442 percent and reserves by 268 percent.