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 (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.
