AltX-listed coal company Wescoal was likely to report an almost fivefold increase in earnings for the 2007/8 financial year, it said on Monday.

Earnings a share for the year ended March 31, could increase to between 10,9c a share and 11,4c a share, compared with 2,3c a share a year earlier. This equated to an increase of between 375% and 395%.

Its headline earnings a share could rise by up to 205% to 11,5c a share in the financial year, compared with 3,8c a share in 2006/7.

The company’s results, which mines, washes and trades coal, would publish its results towards the middle of the month.

Wescoal’s share price rose almost 3% on the news to trade at R2,76 a share by 10:30.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.