PERTH (miningweekly.com) – Diversified energy group New Hope Corporation on Tuesday reported an after-tax net loss, owing to a A$58.5-million impairment charge, but operationally, the group had a strong six-month period.
The impairment against the carrying value of its oil and gas operations and investment during the first half of 2015, prompted the miner to report an after-tax net loss of A$23.1-million. This was compared with a net profit of A$22.7-million reported in the first half of 2014.
However, without nonregular items, New Coal reported net profit after tax of A$34.2-million.
Revenue from operations during the first half of 2015 reached A$269.1-million, compared with the A$284.9-million reported in the previous corresponding period.
“This is a strong operating result at a time of continuing challenges for Australian coal producers. We have successfully managed our margins while simultaneously improving our safety performance, underlining the operational strength of the group,” said New Hope MD Shane Stephan.
During the interim period, New Hope produced 2.87-million tonnes of coal, which was 6.5% higher than the previous corresponding period. Sales for the period reched 3.07-million tonnes, a 2.1% increase on the first half of 2014.
The New Acland mine, in Queensland, produced 2.54-million tonnes of coal during the first six months of the year, which was up by 9.2% on the previous corresponding period, and driven by rationalised maintenance programmes, mine plan modification and higher coal yields, Stephan said.
However, production declined by 10.6% year-on-year at the Jeebropilly mine, in Queensland, to 330 000 t, owing to a change of roster and development work to open the under pass pit, ahead of future coal mining.
Oil production during the interim reached 77 457 bbl, a 6.2% increase over the first half of 2014.
Looking ahead, Stephan noted that full-year coal sales were expected to reach 5.8-million tonnes, down slightly on the six-million tonnes produced in 2014.