Environmental protests knock millions off Solid Energy's bottom line
26 Mar 2008
In a prescient remark, given Greenpeace’s blockage of the bulk coal carrier Hellenic Sea in Lyttelton a few hours later, Solid Energy chairman John Palmer has warned that customer uncertainty over the ETS is “raising the risk profile for the long-term security of Solid Energy’s domestic coal supply business.”
Yesterday Solid Energy announced a 12.4% drop in domestic and export production for the half-year to 2.05 million tonnes (mt) from 2.34mt for the corresponding period in 2006, and a 24.7% drop in exports to 843,000t from 1.22mt. Profit plunged $38m and revenue was down by 14% to $240.4m from $279.5m in the second half of 2006.
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