Solid Energy's profits rise 56%
Record coal sales boost first-half result for state-owned company slated for 49% privatisation.
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Record coal sales have boosted Solid Energy’s interim net profit 56% to $70.3 million, but the mining company warns the strong New Zealand dollar will weaken second-half results.
Record coal sales of 2.36 million tones for the six months to December 31 was a 9% rise on the same time last year.
Earnings rose 25% or $107.6 million to $537.6 million.
Solid Energy is one of four state-owned energy companies slated for partial privatisation. The Crown will sell a 49% stake.
The company paid the goverment a $30 million dividend on September 30.
Chief executive Don Palmer said Solid Energy was not declaring a further dividend due to the the volatility and softening of international coal markets.
NBR staff
Tue, 21 Feb 2012
Tue, 21 Feb 2012
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Solid Energy's profits rise 56%
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