Coal & Allied Industries Ltd. (CNA.AU) said Tuesday net profit for the half year ended June 30 rose 54% on year to A$497.8 million from A$323.6 million.

Excluding the divestment of its Maules Creek and Vickery coal projects, half year net profit fell 50% to A$161 million, lower than most broker expectations.

The company, which has three operations in the Hunter Valley region near the port of Newcastle, said in a statement that its equity share of coal production in the six months to the end of June totalled 8.9 million metric tons. Its share of shipments was 8.4 million tons.

Revenue for the half year fell 26% to A$929.1 million from A$1.25 billion.

The company blamed the stronger Australian dollar and a lower U.S. dollar coal price, as well as an increase in production costs due to rising strip ratios from lower-quality coal seams, for the fall-off between revenues and profits.

Coal & Allied is a separately listed unit of Rio Tinto Ltd. (RTP).

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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