PERTH (miningweekly.com) – Australian coal miner Whitehaven has reported a 231.4% decrease in its net profit for the 12 months ended June, as lower coal prices took their toll.

Whitehaven reported a net loss of A$60.7-million for the 2013 financial year, compared with the net profit of A$57.8-million recorded in 2012. Operating earnings before interest, tax, depreciation and amortisation also decreased by 87.5% during the year to A$18.6-million.

The coal miner noted that the loss in profit reflected a number of issues faced by Whitehaven during the financial year, including significantly lower average coal prices, the accounting impact of placing the Sunnyside mine on care and maintenance, the revised life-of-mine plans and reduced operating cost initiatives at Tarrawonga and Rocglen, and the impact of the Boggabri train derailment in the first half of the year.

During the year under review, Whitehaven produced a record 9.07-million tonnes of run-of-mine coal and 8.2-million tonnes of saleable coal, with the miner achieving a 0.7% increase in revenue, which topped A$622.2-million in 2013.

MD Paul Flynn said on Tuesday that the company was positioning itself with high-quality, long-life assets, a strong growth profile and low-cost mines that are able to provide high-quality coal to Asian power and steel industries.

“The past year has witnessed the combination of assets from the merger of Whitehaven and Aston, the ramp-up of the large Narrabri underground mine, a review of current mining operations to ensure they remain competitive in the current market environment and the successful completion of the approvals process for the Maules Creek project,” he said.

He added that construction of the Maules Creek project was now awaiting completion of the final negotiations and consultations with local indigenous groups, as well as the outcome of a Federal Court challenge relating to the Minister’s approval for the project.

Looking ahead, Flynn noted that while coal prices were not expected to improve in the near term, the weaker Australian dollar was expected to increase revenue in 2014, while recent cost-cutting measures across all the mines would leave Whitehaven well placed to cope with the current market environment.

The miner expected to produce and sell some 11-million tonnes of coal during 2014.