Macarthur Coal increases its profit guidance

Australia-based low-volatile metallurgical coal producer Macarthur Coal Limited on July 6 announced an upgrading of its annual sales volume and profit guidance for the 2009-10 financial year.
 
According to a company statement, Macarthur Coal achieved an annual sales volume of 5.26 million mt for the 2009-10 financial year, compared to its previously forecast sales volume of 4.8 to 5 million mt. The additional tonnage was achieved as a result of loading ships earlier than planned.
 
Based on the sales tonnage, net profit after tax for the year ended June 30, 2010 is likely to be in the range of AU$115 million (US$97.7 million) to AU$125 million (US$106.2 million). This result is an increase on the initial profit guidance range of AU$103 million to AU$113 million provided to the market on May 4, 2010.