26 Aug 2011

Exports lift proficts for coal company

12:37 pm on 26 August 2011

Solid Energy has lifted full year profits by 29%.

The State owned coal miner made a profit of $87.2 million in the year to June.

The result was boosted by strong global coal prices and good production from the Stockton open cast mine on the West Coast.

The company says coal sales volumes were up 6% to 4.1 million tonnes, with exports up 19% to two million tonnes.

But damage to Port Lyttelton as a result of the Canterbury earthquakes meant some shipments were pushed out to 2012.

Chief executive Don Elder says the company was down $35 million net profit after tax as a result of the earthquakes and the Pike River Coal mine disaster.

He says the results of the next two years will follow a similar pattern and the company has invested heavily in the last few years and the outlook is positive.