Photo by: Bloomberg
PERTH (miningweekly.com) – Coal miner New Hope Coal swung back into the black during the six months ended December, as cost management initiatives delivered results.
The company reported on Tuesday that it had made a net profit of A$2.7-million in the first half of the 2016 financial year, compared with a net loss of A$23.1-million in the previous corresponding period.
New Hope reported a nonregular after-tax impairment of A$17.3-million during the first half of 2016, on the carrying value of assets in the group’s oil and gas operations and investment.
Revenue for the six months fell from A$269.1-million in the first half of 2015 to A$229.4-million, as run-of-mine coal production fell from 5.5-million tonnes to 5.1-million tonnes, and volumes sold fell from 3.1-million tonnes to 2.7-million tonnes.
Production during the half-year was impacted by wet weather, delays in the acquisition of new mining fleet and the recruitment of associated operators at the Acland operation, in Queensland.
New Hope reported that revenue was also negatively affected by the continuing weakness in export coal prices and significant adverse movements in the oil price.