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Queenslander! Profits up for GWA and Stanmore

Queensland companies have started reporting their profits with GWA reporting a 22 per cent increase in net profit to $43.2 million and Stanmore Resources posting a 46 per cent improvement to its half year result of $340 million.

Stanmore Resources said prices had jumped substantially (file photo)

Stanmore Resources said prices had jumped substantially (file photo)

The company declared a fully franked final dividend of 7 cents a share.

It said the profit was a solid result within a rapidly evolving operating environment.

Its second-half result showed increased revenue in Australia and the UK which was offset by a downturn in New Zealand where the economy was in recession.

The company said it had demonstrated an agile approach to changing market conditions.

Stanmore Resources said its underlying EBITDA was $US650 million and it had a net cash position of $US70 million.

The company was affected by wet weather during the year and the underperformance of the coal logistic chain.

Chief executive Marcelo Matos said coal prices softened in the second half but had stabilised in recent months. He said the company had confidence in the metallurgical coal market because of the continued growth in steel production and the industrialisation of south east Asia and India.

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