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Falling prices lower New Hope profits

24th March 2020

Creamer Media Senior Deputy Editor: Australasia

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PERTH (miningweekly.com) – Coal miner New Hope Corporation has reported a 41% fall in profits after tax for the half-year ended January, driven by lower coal prices.

Profits for the six months under review declined from the A$120.2-million reported in the previous corresponding period, to A$69.7-million.

Revenue for the first half of A$618-million was in line with the previous corresponding period, despite a 33% increase in production on the previous corresponding period, reaching 6.2-million tonnes.

Earnings before interest, taxes, depreciation and amortization for the first half of the year were down from A$285-million to A$213-million.

“Bengalla continues to shine with production of 4.3-million tonnes of coal in the six months to January, an increase of 84% on the previous year,” said New Hope MD Shane Stephan.

“This saw a corresponding lift in coal sales, both internationally and domestically, with the company exporting 5.8-million tonnes, up 32% on the previous corresponding period, and 0.6-million tonnes domestically, up 469% on the previous corresponding period.”

Stephan said that at the current numbers, Bengalla was on track for another record year, however, second-half production would likely be lower owing to the normal mine sequencing.

At New Acland, in Queensland, the company was still awaiting state government approval for the Stage 3 expansion of the mine.

Edited by Creamer Media Reporter

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