Coal miner Coal & Allied Industries Ltd
(ASX:CNA) has reported a 27% fall in profit for 2009 on the back of a 13% drop in revenue.
The Rio Tinto Ltd (ASX:RIO) managed company recorded profit of $586 million for the year, compared to profit of $804 million in 2008.
Revenue fell to $2.319 billion from $2.665 billion reported in 2008, impacted by lower US dollar denominated coal prices, which were only partially offset by a weaker Australian dollar against the US dollar, the company says.
Managing Director Bill Champion says the result is pleasing in light of the global financial crisis and that the company expects to see markets continue to strengthen in 2010, with thermal coal and semi soft coking coal demand remaining buoyant.
Mr Champion says Coal & Allied has entered into long term take or pay contracts for port nominations at Port Waratah Coal services from the 1st of January which will provide the certainty that is necessary to commit to investing in increased production.
Coal & Allied declared a final dividend of $3.50 a share. For 2008 Coal &Allied payed total dividends of $7.10.
