Shares in Gloucester Coal Limited (ASX:GCL) closed higher yesterday after the coking and thermal coal producer lifted its full year net profit forecast.
Gloucester now expects its net profit to rise between 14 per cent to 18 per cent above the top end of previous guidance, due to a reassessment of coal royalty payments.
In May Gloucester said it expects to deliver a full year net profit of between $41 million to $50 million.
Last month Gloucester posted a 16 per cent rise in fourth quarter sales, it said, through taking advantage of its port capacity.
Yesterday shares in Gloucester rose 1.52 per cent to close at $8.66.
In the first half of its 2011 financial year Gloucester Coal reported a net profit of $23 million.
