Coal miner Whitehaven Coal Ltd
(ASX:WHC) achieved record raw coal production of 1.07 million tonnes in the June 2009 quarter, up 29 per cent from the June 2008 quarter.
The company says it also achieved record saleable coal production for the quarter of 0.99 million tonnes a rise of 36 per cent on the same quarter a year ago.
Whitehaven says the increased output of saleable coal was due to strong performance at its Tarrawonga and Rocglen operation’s, and improved performance at Werris Creek and that its Sunnyside operation is now well established.
The coal miner says the signing of the Blackjack joint venture and a five year coal supply agreement with Pacific Carbon is expected to result in an increase in domestic coal sales from $90,000 in fiscal 2009 to about $200,000 in fiscal 2010. Whitehaven Coal’s 2008 net profit was its best in five years.
Commercial radio broadcaster Austereo Group Ltd (ASX:AEO) has announced that CEO Michael Anderson will not renew his current contract, due to expire on June 30 2010, after six years in the role.
According to the Australian Financial Review Mr Anderson says he achieved his vision for the company in the time frame he wished to do so, saying that the company is in good shape and it’s a good time to hand it onto someone new.
Mr Anderson also says that there is going to be a lot of change in the radio industry over the next decade, with the growth of digital radio and new online products.
According to The Sydney Morning Herald he says it is too soon to say whether there are signs of a sustained improvement in advertising that would underpin a recent rally in media stocks saying that the last six months has been really volatile.
Chairman Peter Harvie says the search for a replacement is now on. Austereo Group posted net profit of $48.82 million in 2008.
Retailer Country Road Ltd (ASX:CTY) says it expects profit before tax for the full year to June 30 to increase by up to 56 per cent from the year before.
The company says thanks to a pleasing second half trading performance it now anticipates profit of between $21.3 million and $21.8 million for the 12 months to June 30, up from $14 million a year ago.
Sales for the second half rose 16.8 per cent and 18.4 per cent for the full year.
CEO Ian Moir says it has been an outstanding year for the business despite very difficult trading conditions.
Mr Moir says Country Road is well placed and on schedule for the launch of the company’s new brand Trenery in South Africa in early August and in Australia where the company will open five stores in September and a sixth in November. Looking back over the past five years, Country Road’s profit highlight was in 2007.
