Coal & Allied reports $195m half-year profit

THE June-half profit reporting season for the Rio Tinto group continues to be upbeat thanks to a big profit lift by its listed NSW coal subsidiary, Coal & Allied (CNA).

By InvestSMART · 30 Jul 2008

By InvestSMART ·
30 Jul 2008

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THE June-half profit reporting season for the Rio Tinto group continues to be upbeat thanks to a big profit lift by its listed NSW coal subsidiary, Coal & Allied (CNA).

CNA's June-half profit weighed in at $195.1 million, up from $70 million in the previous corresponding period.

Rio's listed uranium subsidiary, Energy Resources of Australia, last week reported that June-half profit had increased from $5.7 million to $38.9 million. Rio reports its June-half profit on August 26.

Boom coal prices and a 10.5% increase in CNA's share of production were behind its profit surge.

The revenue lift from coal prices more than offset the cost pressures on CNA. The company said costs for raw materials, consumables and contractors were $15 million higher in the half.

A fully franked interim dividend of $1.60 a share was declared (from nil previously) and will be paid on August 29.

CNA shares did not trade yesterday. The last sale price for the stock was $110 a share. BARRY FitzGERALD

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Coal & Allied reports $195m half-year profit

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