Coal & Allied Second-Quarter Sales Rise 13% as Output Surges
Coal & Allied Industries Ltd. (CNA), the Australian coal unit of Rio Tinto Group, said second-quarter sales rose 13 percent after production at its Hunter Valley operations surpassed all quarterly output in the past five years.
Sales reached 5.1 million metric tons in the three months ended June 30, compared with 4.5 million tons a year earlier, the Brisbane-based company said in a statement today. Rio Tinto owns 75.7 percent of Coal & Allied, according to data compiled by Bloomberg.
Coal production in the Hunter Valley rose 26 percent from a year earlier as the company’s load-and-haul performance improved and inventories recovered from low levels, according to the statement. Full-year output is on target to rise 5 to 10 percent, Coal & Allied said.
More than half of the sales in the quarter were sold at 2010 prices because Japanese customers delayed shipments after the March 11 earthquake and tsunami, according to the statement.
Coal & Allied fell 0.8 percent to A$102.31 at 2:23 p.m. in Sydney trading, compared with the 0.4 percent gain in the benchmark S&P/ASX 200 Index.
To contact the reporters on this story: Elisabeth Behrmann in Sydney at email@example.com
To contact the editor responsible for this story: Rebecca Keenan at firstname.lastname@example.org.