PERTH (miningweekly.com) – Coal miner Stanmore Coal has reported record net profits after tax for the 2019 financial year on the back of higher sales volumes and prices.
The ASX-listed miner on Thursday reported net profit after tax rose to A$91.6-million, up from the A$5.9-million reported in the previous financial year, with revenues nearly doubling from A$208-million to A$403-million over the same period.
Underlying earnings before interest, taxes, depreciation and amortization also increased from A$45.6-million to A$154.9-million over the same period.
Stanmore told shareholders that the revenues were driven by a A$29/t increase in the Australian dollar realised price, as well as an increase in sales volumes from 1.31-million tonnes to 2.31-million tonnes, as mining operations transitioned from the Isaac Plains mine to the Isaac Plains East mine.
Looking ahead, Stanmore expected coal production in the 2020 financial year to reach 2.35-million tonnes. However, as mining progresses down dip with an increasing strip ratio, unit costs are expected to increase from the A$88.80/t achieved in the 2019 financial year, to A$99.50/t in the 2020 financial year.