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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 ...

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.

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