Aussie coal seam gas company Galilee Energy Ltd
(ASX:GLL) has provided an update on its earnings expectations for the 2010 financial year, this morning.
The company says it expects to report its first profit after tax in the range of $1.6 million to $1.8 million, compared to a loss of $2.447 million for the same time last year.
This is the first profit recorded for the consolidated entity.
Galilee says that while it incurred significant expenditure costs in its exploration program for the year, the sale of the Broughton coal assets and positive results from the New Zealand coal operations have resulted in an overall positive situation.
The coal company sold its interest in the Broughton tenement for $8.5 million in May.
In New Zealand the company says its operations have continued to perform in excess of budget with an expected profit before tax in the range of $2 to $2.5 million for the 12 months to June 30, 2010.
