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AUSTRALIA'S COAL & ALLIED INDUSTRIES DOWNGRADES H1 EARNINGS.
AsiaPulse News, June, 2003
BRISBANE, June 26 Asia Pulse - Due to a rise in local currency and ocean freight rates against a weak spot coal price, Coal & Allied Industries Ltd (ASX:CNA) today downgraded its half year earnings to break even.
Shares in Coal & Allied - three quarters owned by Rio Tinto Ltd - sank three per cent today to A$21.30, down 70 cents.
Coal & Allied, the NSW-focused miner, expects to break even in the first half of 2003 because of sharply deteriorating market conditions for Australian export coal.
The group booked a net profit of $104.7 million in the first half of 2002, and $55.0 million in the 2002 second half.
Its $159.7 million net earnings for 2002 was down 25 per cent and included a $70 million profit from selling the Moura, Ravensworth...
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