Gloucester positioned for growth

Gloucester Coal has increased first half profit by 67 per cent as three recent takeovers give the miner growth opportunities. The rise in profit came despite a reduction in production due to adverse weather, delays in extension projects and a fall in demand from Japanese steel mills because of the earthquake and tsunami. Net profit rose to $54.6 million for the 12 months to June 30, from $32.7 million a year earlier. Revenue increased by 34 per cent to $306.6 million. The chief executive, Brendan McPherson, said the result was pleasing.