Macarthur Coal has confirmed that it achieved a sales record for the June 2010 financial year, despite a lagging performance in the last quarter.
The Queensland coal miner had updated the market in the middle of this month on its preliminary production and shipping performance plus earnings.
Yesterday it told the ASX that increased production, improved economic conditions and a sell down of high opening coal stocks all helped improve sales for the year to June 30.
In total the miner sold 5.32 million tonnes in 2010, up 15.3 % on 2009.
But sales in the June quarter were down nearly 11% on the final three months of 2009.
Macarthur said the June quarterly sales fell because sales in the June quarter of last year were at a record level due to a sell down of coal stocks associated with the global economic crisis.
The company said its annual production in fiscal 2010 was up 7.7%, at 5.03 million tonnes, but was down 8% in the June 2010 quarter compared to the prior corresponding period.
"This is a significant result for the company especially given the economic environment at the beginning of the financial year," Macarthur directors said.
Macarthur is the world’s largest producer of low volatile pulverised injection coal (LV PCI) used for steel making.
Sales of LV PCI represented 95% of the total sales tonnes from the Coppabella-Moorvale joint venture in Queensland in the June quarter, and 93% for all of the 2010 financial year.
Earlier this year, Macarthur was the target of unsuccessful takeover bids from US coal giant Peabody Energy and Sydney’s New Hope Corporation Ltd.
Macarthur shares ended up 6c at $12.98 yesterday.
