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Whitehaven Coal sees return to profit and record production

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World Coal,

Despite difficult market conditions, Whitehaven has reported a net profit after tax of AUS$7.8 million for the half year ended 31 December 2015 (the first half of FY2016).

The company’s sales revenue rose 54% to AUS$574.3 million. Operating EBITDA rose 104% to AUS$106.4 million on the back of a 40% increase in operating margin and operating cash flow saw an increase of 421% to AUS$118.3 million.

Whitehaven saw record ROM and sales of coal of 7.1 million t and 7.3 million t, 59% and 55% higher respectively than the pcp reflected increased production and sales from Narrabri and first commercial production and sales from Maules Creek.

The company reported that Narrabri established a new calendar year production record of 8.3 million t ROM coal for 2015 – positioning the mine as one of the top three underground mines in Australia.

Maules Creek exceeded its ramp up schedule by producing 3.3 million t ROM coal in the first half and was operating at 8.5 million tpa ROM coal rate in December.

Whitehaven Coal Managing Director and CEO Paul Flynn commented: “Whitehaven recorded a range of significant achievements in the first half with major improvements across all key financial performance indicators. The results are particularly pleasing because they have been achieved at a challenging time for the industry, meeting all our commitments we have made to the market.”

“Whitehaven’s high-quality coal, which produces more energy and fewer emissions per tonne than almost all competing coals, is being well received in our Asian markets where there is strong and growing demand for cleaner coal … Customer feedback on the coal we are producing at Maules Creek is exceptionally positive,” continued Flynn.

“Whitehaven remains positive about the medium- and long-term outlook for coal, particularly the outlook for the high-quality coal we produce. Our coal is highly sought after by customers and countries that have an appreciation for the critical role high-quality coal does play in creating an economically competitive, low emissions future,” concluded Flynn.

Edited from press release by Harleigh Hobbs

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