Whitehaven Coal's full-year profit more than halved as lower coal prices took their toll on revenue.
Net profit fell 53 peer cent to $114.9 million for the 12 months to June 30, compared with $244.2 million in the prior corresponding period, Sydney-based Whitehaven said in a statement today.
Whitehaven benefited from $166.9 million of significant items in 2008/09 on the sale of 15 per cent of its Narrabri joint venture, whereas it only gained $114.3 million of significant items in the year just finished, as it sold a further 7.5 per cent of the joint venture.
But revenue fell 16.9 per cent to $406.8 million .
Whitehaven said cash flow from operations was $69.3 million for the year compared to $135.6 million for fiscal 2009, due to lower average coal prices.
Profit excluding significant items fell 28.7 per cent to $55.1 million.
"Whitehaven has emerged from FY10 (financial 2010) with a strong financial position, low-risk open cut production base and attractive growth profile," the company said in a statement.
"Careful management and investment in our infrastructure requirements means we have appropriate infrastructure in place to support FY11 production.
"Strong fundamental growth in demand for both metallurgical and thermal coal remains, and supply continues to be constrained by infrastructure and regulatory issues," it said.
Whitehaven chief executive Tony Haggarty said fiscal 2010 had been very significant for Whitehaven, with its first underground project moving into production.
"We have also undertaken a major expansion of our existing open cut operations, which continue to provide a substantial low-risk production base for our business," Mr Haggarty said in the statement.
Shares in Whitehaven were up three cents, or about half a per cent, at $6.14.
AAP