Solid Energy net profit up 29%
Achieves $87 million net profit in "incredibly challenging" year.
State-owned coal-mining company Solid Energy has recorded a net profit of $87.2 million for the year to June 30, up 29% from last year.
Solid Energy is one of a handful of big state-owned enterprises in line for partial privatisation if National wins this year’s election.
The profit increase came on the back of a 20% boost in revenue to $829 million, while ebitda rose 17% to $197 million.
The company achieved a return on equity of 18%, helped by strong global coal prices and good production at the Stockton Opencast Mine in Buller.
Coal sales volumes were up 6% to 4.1 million tonnes, but less than planned as ship loading issues at Lyttelton following the June earthquakes pushed loading of three ships into the 2012 year.
Coal exports of 2.0 million tonnes were up 19% on last year, while New Zealand sales were flat at 2.1 million tonnes.
Solid Energy chairman John Palmer says the result is a good one in what he describes as an “incredibly challenging” year.
Niko Kloeten
Fri, 26 Aug 2011
Fri, 26 Aug 2011
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Solid Energy net profit up 29%
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