NEW HOPE PROFIT SLIDE

Written on the 20 March 2012

NEW HOPE PROFIT SLIDE

ASX-LISTED New Hope (NHC) today reported a 75 per cent drop in net profit after tax (NPAT).

The Brookwater thermal coal producer reported $101.1 million in NPAT during the first-half of FY12 compared to the previous corresponding period. It represents a significant decrease on the previous year’s $407.4 million result due to one-off proceeds from the $326.3 million sale of Arrow Energy to Shell Petro China.

However, revenue still increased 15.5 per cent to $388.5 million, production volumes rose 14.2 per cent to 3.2 million tonnes (mt) and export sales were up 7.4 per cent to 2.9 mt during the period.

“Interim earnings benefited from a strong operational performance across the portfolio, with an increase in production and exports coinciding with higher US dollar coal prices,” says managing director Robert Neale (pictured) in an ASX statement.

“With $1.4 billion of cash on the balance sheet, we remain well funded to deliver on the potential within our development pipeline that spans thermal and coking coal as well as alternative energies.”

NHC has acquired the remaining 19.2 per cent stake in Northern Energy for $50.2 million, with integration programs underway to improve the efficiency of project delivery.

The corporate strategic focus for the next five years includes developing a portfolio of coal projects and energy technologies while ensuring safety performance. However, second-half profitability is likely to be impacted by movements in the Australian and US dollar exchange rates as well as ongoing negotiations over benchmark thermal-coal contract prices in Japan.

NHC last year ended takeover talks with parties, describing the change-of-control offers as ‘preliminary’ and ‘incomplete’. The formal process to determine price and terms failed to demonstrate that pursuing such agreements would be in the best interest of shareholders.

The Board of directors has approved a fully franked dividend of 6 cents a share to be paid on May 2, 2012.

Read the full story on Wotif along with Brisbane’s Top 50 publicly listed companies in the annual Brisbane Business News top companies edition out now.

Comment on our Twitter page using the @BrisbaneBusines tag.


Latest News

BRISBANE VFX PRODUCTION COMPANY CLEANS UP AT MAJOR INTERNATIONAL ADVERTISING AWARDS

AUSTRALIAN production company Alt.vfx has broken records in global advertising, becoming the first business to win...

CYCLONE DEBBIE FORCES MINE, RAIL AND PORT CLOSURES AS IT WREAKS HAVOC IN QUEENSLAND

COAL and gold mines in north and central Queensland are being seriously impacted as Cyclone Debbie makes landfall ...

FLYING START TO 2017 PASSENGER NUMBERS FOR GOLD COAST AIRPORT

RECORD numbers of travellers used the Gold Coast Airport (GCA) in January this year, continuing a five-year trend ...

SUNCORP SAYS IT'S 'COVERED' AGAINST FINANCIAL COST OF CYCLONE DEBBIE

INSURER Suncorp (ASX: SUN) says it is "well protected" against the financial impact of Cyclone Debbie th...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter