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UK Coal warns of annual loss
BRITAIN'S biggest coal producer UK Coal said it expects 2009 underlying pre-tax losses to widen, hurt partly by a fall in production and lower coal prices than a year ago.
For the year to December 31 2009, the company expects to post an underlying pre-tax loss of 115m, including the non-cash reduction in property valuation at around 115m compared with 15.7m a year ago.
Revenue is expected to decline 19.3 per cent to 317m, which partly reflects reduced dispatches during the tail end of 2009 from its Daw Mill site.
UK Coal expects 2009 production to fall 11.4 per cent to seven million tonnes.
The company, which cut its production forecasts several times during 2009, said it expects full-year deep mine output to be 5.65 million tonnes down from prior forecast of 5.7 million tonnes to 5.8 million tonnes.
Surface mines output is expected to be around 1.35 million tonnes.
However, the company expected available-for-start dates for production from its new Kellingley and Thoresby faces to remain unchanged at around late February and mid-March, respectively.
Shares in the company were down three per cent at 64p on Friday on the London Stock Exchange.
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