Net profit rose 9.3 per cent to $72.68 million but was short on guidance of between $80 million and $90 million, issued seven weeks ago, for the year to June 30.
Macarthur said a late accounting adjustment relating to a capital gain on the sale of a stake in Monto Coal 2 Pty Ltd, which holds a 51 per cent interest in the Monto Coal joint venture in central Queensland, was to blame for the company missing its guidance.
Shares in the company sunk 8.2 per cent to a low of $13.40 before recovering slightly to be $1.18 lower at $13.42 by 1321 AEST.
Macarthur said normal production rates at its Coppabella mine in Queensland were not expected until January 2009 after heavy rains affected the operation earlier this year.
The company declared force majeure on its coal sales contracts in January for its Coppabella and Moorvale mines in Qld's Bowen Basin which were flooded after heavy rain.
Macarthur lifted force majeure on August 20.
"A return to full pre-flood production levels at Coppabella is not expected until January 2009," Macarthur chief executive Nicole Hollows said in a statement.
Revenue during the 12 months to June 30 climbed 10.3 per cent to $400.23 million, underpinned by higher coal prices and the net gain on the sale of a 19.61 per cent interest in Monto Coal 2.
Macarthur became the focus of corporate interest during the second half after former chief executive Ken Talbot started selling down his major stake in the company that he founded.
Steelmakers ArcelorMittal and Posco took significant positions in the company, while Chinese group CITIC increased its shareholding and positioned itself as Macarthur's largest shareholder.
