UPDATE 1-Macarthur Coal profit disappoints, shares dive

(Recasts, adds analyst, ceo coment, share price)

SYDNEY, Aug 28 (Reuters) - Australian miner Macarthur Coal Ltd (MCC.AX) reported a lower-than-expected 9.3 percent rise in annual profit on Thursday, sending its shares down 11 percent.

Macarthur, the subject of recent takeover speculation, said net profit in the year to June rose to A$72.7 million ($62 million) from A$66.5 million a year ago.

The company advised in July its profit would be between A$80-A$90 million, driven by higher-than-expected coal shipments and expectations of a A$28 million gain from the partial sale of its Monto Coal 2 unit.

But a late accounting adjustment reduced the gain to A$23.4 million, Macarthur said.

The adjustment had no impact on the profitability of its operations or on cash flow, Macarthur Chief Executive Nicole Hollows said in a statement.

"The company has indicated its projected growth going forward is slightly lower than they had previously forecast," Wilson HTM Investment Group analyst Andrew Pedler said.

This was due to expectations that the capability to ship more coal through the Darlymple Bay coal port used by Macarthur may fall short of projections by between 500,000 tonnes and 1 million tonnes annually over the next three or four years, Pedler said.

"That will reduce some people's evaluations a bit on Macarthur," he said.