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H1 results see New Hope Group profits soar

Published by , Editorial Assistant
World Coal,

New Hope Group has reported that its profits for the first half of the year are up AUS$ 79.9 million on 2016. Total revenue for the first half of the year reached AUS$374.6 million t.

“This strong operating result is the culmination of several factors, including increased sales of four million t, improved spot coal prices and continued cost management efforts,” New Hope MD Shane Stephan said on Tuesday.

Run-of-mine production for the first half of 2017 reached 7.4 million t, up from the 5.1 million t in the previous corresponding period, while coal sales reached 4 million t, up from the 2.7 million t sold in the first half of 2016.

New Hope’s two operated mines in Queensland produced a combined 2.7 million t of coal during the first half of the year, while the Bengalla operation, in New South Wales, in which New Hope holds a 40% share, contributed 1.7-million t, delivering a AUS$39.7 million profit after tax in the first.

Commenting on the company’s strategy foe the remainder of the year, Shame Stephen said:

“Our strategic management of timing in terms of acquisition of 40% of the Bengala Joint venture, combines wit the underlining strong performance of our Acland and Jeebropily mines has delivered.”

“Our focus for the future remains on safe production and progressing State Government processes for the approval of the continuation of the Acland mine.”

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