Yancoal net profit rises 34%
PERTH (miningweekly.com) - ASX-listed coal miner Yancoal reported a substantial increase in profits for the full year ending December, following its merger with Australia’s Gloucester Coal.
The miner, which listed on the ASX in June last year, on Thursday reported a net profit after tax of $404.6-million for the full year under review, up from the $301.5-million reported in the previous financial year.
The net profit was driven by revenue of more than $1.4-billion, as saleable coal production and sales for the full year reached record levels of 14.7-million tons and 14.8-million tons respectively.
At an operational level, Yancoal reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of $197.9-million and an earnings before interest and tax (Ebit) loss of $5.2-million, compared with an Ebitda of $621.1-million and an Ebit of $493.9-million in 2011.
The decline in profit was ascribed to lower coal prices, the strong Australian dollar, increased operating costs and unused take-or-pay obligations for port and rail infrastructure, the miner said.
Yancoal said the current coal market environment had forced the company to review each of its mining operations, with the aim of reducing costs by as much as possible. It was expected that the lower cost would underpin the future of each of the mines, ensuring their longer-term lives.
This work was expected to continue into 2013, and the company noted that significant progress had already been made through reducing the use of contractors and consultants wherever possible.
Meanwhile, coal production was expected to increase in 2013 with expansion plans under way at several of the mines. Furthermore, significant production growth was also expected to occur when Stage 2 of the Moolarben project, and Ashton’s South East opencut operations were commissioned.
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