New Hope sees revenue soar
PERTH (miningweekly.com) – Coal miner New Hope Group has reported a 36% increase in revenue for the first half of 2018, compared with the previous corresponding period.
The ASX-listed miner on Tuesday reported revenues of A$509.3-million for the six months to January, compared with the A$374.6-million reported in the previous corresponding period, as sales volumes and thermal coal prices increased.
Profit after tax for the same period increased by 111%, to A$115.5-million, while earnings a share were also up 111% to A$13.9 a share. Earnings before interest, taxes, depreciation and amortization were also up by 63% on the previous corresponding period, to A$211.7-million.
“This strong operating result is a culmination of several factors, including a 10% increase in sales, improved spot coal prices and continued focus on cost management,” said New Hope MD Shane Stephan.
“Our strategic acquisition of 40% of the Bengalla coal mine continues to deliver with a net profit before tax of A$83.8-million for the period. Queensland mining operations contributed a net profit before tax of A$81.9-million and ensure a record first half result for the company and shareholders.”
Stephan told shareholders that the company was well positioned to take advantage of the improving commodity prices, as demand for high quality Australian coal remained strong in Asia, underpinned by ongoing construction of modern coal-fired power stations.
However, he added that the company will continue its cost management strategy over the coming periods, as improving commodity prices started to impact across the industry on both the cost of labour and other materials.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation