Macarthur Coal Ltd (ASX:MCC) has posted an 11% drop June quarter sales, compared to the same quarter a year earlier, the miner attributing the decline to a sell down of coal stocks during the global economic crisis.
For the financial year ended 30 June 2010, Macarthur reported a sales record of 5.32 million tonnes of coal.
The miner advises the annual result was ahead of guidance of between 4.8 - 5 million tonnes, up 15.4% on the 4.6 million tonnes produced in the previous year.
Macarthur says the annual result is significant given the economic environment at the beginning of the financial year.
Macarthur owns a 73.3% stake in the Coppabella and Moorvale mines, and on Tuesday abandoned a deal with CITIC Resources to buy out the company's stake in the joint venture.
Macarthur Coal reported a profit of $168.56 million for the year ending 30 June 2009.
MCC Price at posting:
$12.89 Sentiment: None Disclosure: Held
