Solid Energy is a major New Zealand resources company and a leading producer of high quality coal for export and for New Zealand markets.

We invest in research and commercialisation of new sustainable forms of energy that use coal and in renewable fuels, such as biomass and biodiesel, that help New Zealand in the transition to clean, affordable and renewable energy forms. We are committed to achieving a positive net effect on the New Zealand environment across all our businesses.

Strong second-half performance turns $68 million profit

27 August 2010 - Solid Energy has reported a net profit after tax of $67.8 million (2009: $110.8 million) for the year ended 30 June 2010.  This is a major turnaround from the $6.5 million loss at the half year. 

Total revenue for the year was $690 million (2009: $980 million).  In what has again been a ‘year of two halves’ almost two thirds of total revenue ($433 million) was in the second half year. Solid Energy paid dividends of $54 million during the year to its shareholder, the Government:  $24 million on 24 September 2009 and a further $30 million on 31 March 2010 (2009: $59.9 million).

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The company has emerged from the global economic downturn strongly positioned with the successful completion of a number of major capital projects that will allow us to increase production in our coal and renewables businesses," says Solid Energy Chairman, John Palmer.  "During the year we also continued development and investment in a range of other business areas that will create significant future value."

The photograph is of the new coal handling and processing plant at Stockton Opencast Mine in Buller.

The full media release and top-line results are here