Miner Centennial Coal Company has announced a 28 per cent fall in net profit in 2009-10, but the company said it expects exports to rise in the current year.
Centennial posted annual net profit of $51.5 million, down from $71.2 million in 2008-09.
Revenues from ordinary activities fell 10 per cent to $800.1 million in the year to June 30, down from $886.0 million in 2008-09.
The company said the decrease in revenue was due mainly to lower export prices in US dollars and the appreciation of the Australian dollar.
Centennial said underlying operating net profit after tax was $53.3 million for fiscal 2010, down from $82 million the year before.
"While export tonnes were up six per cent, a combination of a 23 per cent reduction in the export price, averaging US$76 per tonne, and an eight per cent appreciation in the Australian dollar reduced underlying net profit after tax by 35 per cent when compared with the previous year," the company said.
The company declared a final dividend of four cents a share, franked to 40 per cent, compared with a fully franked four cents a share a year ago.
Directors of the company have lodged a statement with the Australian Securities Exchange on Monday, August 16, with the directors reaffirming their unanimous recommendation that Centennial's shareholders to accept an offer from Banpu Public Company Ltd.
Banpu have offered $6.20 a share for all Centennial shares not owned or controlled by the Thai company.
Centennial said it planned to increase export sales in 2011 by approximately 25 pet cent, but that recent difficulties in the coal supply chain may continue to have an impact.
Shares in Centennial closed up two cents at $6.04 on Friday, August 13.
AAP