27 Aug 2011

$87 million profit for Solid Energy

9:34 pm on 27 August 2011

Despite the Canterbury earthquakes, Solid Energy made a profit of $87.2 million in the year to June.

This is an increase of 29% on last year - largely due to strong global coal prices.

Earnings before interest and taxes for the 2011 year were up 19% to $137 million.

The state-owned coal producer says it was an incredibly challenging year but good production at the Stockton open-cast mine in Buller helped bolster its earnings.

Coal sale volumes were up 6%, but were less than planned because of earthquake damage at the port of Lyttelton.