News: Coal and Allied H1 profit lifts 41%

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Coal & Allied Industries Limited (ASX:CNA) has reported a 41 per cent lift in its first half net profit, missing some analysts’ expectations for a rise of up to 70 per cent. 

The company, owned by Rio Tinto Limited’s (ASX:RIO), recorded a $227 million net profit in the first half of 2011.

Revenue was up 25 per cent in the same period to $1.165 billion, on the back of higher sale volumes and increases in thermal and semi soft coking coal prices.

Coal & Allied says its interim profit was strong, driven by an increase in production despite the impact of wet weather conditions.

The company also says it has experienced a moderate reduction in demand following the natural disasters in Japan, but it does not expect any ongoing impact to its sales volumes.

In the 2010 financial year Coal & Allied Industries reported a net profit of $703.6 million.