Aquila Resources has reported an increased loss for the year to June 2011, with higher profits from its Queensland coal mining operation outweighed by extra spending on the development of its iron ore, coal and manganese projects.
The Perth-based company's full year loss was $64.5 million, up from $33.1 million in the previous year.
Aquila's coal mining operation produced lower volumes, due to flooding and exploration expenses, but this was offset by higher coal prices.
The company said revenue from its 50 per cent ownership in the Isaac Plains coal mine rose three per cent to $133.4 million, in the 12 months to June 30.
Earnings before interest, taxation, depreciation and ammortisation increased to $36.3 million, up from $16.5 million in 2009/10.
Coal production was significantly affected by interruptions to production, transport and the sale of coal due to extreme weather and flooding, Aquila said.
As a result, sales volumes fell to 1.56 million tonnes (Mt) from 2.48 Mt in 2009/10.
"Notwithstanding the significantly reduced annual sales volumes ... the company's share of revenue from those coal sales shows a modest three per cent increase to $133.5 million as a result of improved pricing conditions for metallurgical and thermal coal," the company said in its statement.
Aquila said the company was compiling an insurance claim to recover the cost of business interruption and damage to equipment from the floods.
Exploration and evaluation expenses were $104.2 million, up from $60.2 million, Aquila added.
The company is looking to develop a major iron ore project in the Pilbara, two further coal mines in Queensland, and a manganese project in South Africa.
