Macarthur Coal Ltd says normal production rates at its Coppabella mine in Queensland are not expected until January 2009 after delivering a rise in profit for the full year.
Profit during the 12 months to June 30 climbed 9.3 per cent on the corresponding period in 2006/07 to $72.68 million due to higher coal prices and an asset sale.
The result was short of the company's updated guidance issued in July of between $80 million and $90 million for the full year.
Revenue climbed 10.3 per cent to $400.23 million, underpinned by higher coal prices and the net gain on the sale of a 19.61 per cent interest in Monto Coal 2 Pty Ltd.
Macarthur chief executive Nicole Hollows said the company had been affected by infrastructure constraints in the first half of the year and heavy rain that flooded its operations during the second half.
The company declared force majeure on its coal sales contracts in January after heavy rain flooded operations in Queensland's Bowen Basin.
Force majeure was lifted on August 20.
"A return to full pre-flood production levels at Coppabella is not expected until January 2009," Ms Hollows said in a statement.
Macarthur became the focus of corporate interest during the half after former chief executive Ken Talbot started selling down his major stake in the company that he founded.
Steelmakers ArcelorMittal and Posco took significant positions in the company, while Chinese group CITIC increased its shareholding and positioned itself as Macarthur's largest shareholder.
