Macarthur Coal yesterday raised its full-year profit forecast by about 10% after revealing a late surge in exports in the year to June 30.
The company said it was able to beat its sales forecast by loading ships earlier than planned.
The group was able to sell 5.26 million tonnes of coal in the year, compared with its forecast sales volume of 4.8 to 5.0 million tonnes.
It said it expected net profit for the year to June 30, to be in the range of $115 million to $125 million, up from the earlier forecast of between $103 million and $113 million.
That would see the result roughly in line with analysts’ forecasts for a net profit of around $121 million.
"The profit forecast remains sensitive to non-cash accounting adjustments including any movement in derivative liability that may eventuate during finalisation of the end of year accounts," the company said.
Net profit will still be down by at least 26% from the 2009 financial year when the result was boosted by 10% of record coal prices that have not been matched in the current boom.
"Given additional sales in this financial year, we have started the 2011 financial year with lower available coal stocks, however both of our mines are performing well and we are focused on continuing to perform well in 2011," chief executive, Nicole Hollows, said in yesterday’s statement.
Macarthur shares rose 9c1% to $12.84.
And despite speculation that its suitor from South Africa was walking, struggling drug maker and distributor, Sigma Pharmaceuticals, says it has given Aspen Pharmacare more time to complete its due diligence.
The brief announcement from Sigma came after the exclusivity period agreed between the companies expired on Monday.
Aspen made a takeover offer for Sigma of 60c a share in May.
The initial exclusivity period of four weeks expired on June 25 and was extended to July 5.
Sigma says Aspen has not made a formal proposal and again told shareholders to take no action at this time.
But Aspen wants to continue its due diligence.
The due diligence process may or may not result in a formal proposal or a recommendation by the Board, Sigma said in yesterday’s statement.
Sigma says it is continuing with its asset sale program and will consider other opportunities that may improve shareholder value.
Sigma shares were steady at 39.5c yesterday after the statement.
There’s a sense the South Africans might be playing for time, or might come back with a lower offer than the 60c a share suggested in May.
