New Hope posts full-year loss

Australian coal company, New Hope, has recorded a statutory net loss after tax of AUS$21.8 million, following losses from impairments and other non-regular items of AUS$73.6 million. Net profit before non-regular items was AUS51.7 million – up 25% on the previous year – while operating cash flow was AUS$88.5 million – a 37% increase on the previous financial year.

“We continue to successfully meet the challenges of the current downturn in coal prices through sustainable cost reductions and prudent financial management,” said Shane Stephen, managing director of New Hope.

New Hope’s mining operations produced 5.7 million t of saleable coal during the 2015 financial years (ending June 2015) with total sales of 5.8 million t – a drop of 200 000 t on the previous year. The company’s flagship mine at New Acland produced 5.1 million t, up from 4.9 million t in the 2014 financial year.

“Market conditions have remained challenging throughout FY2015,” continued Stephen. “A recovery in global coal prices is likely to be gradual and is still some time away. However, the longer-tern outlook for coal – particularly high-quality Australian coal – remains positive. In this environment, New Hope’s operational strength and capacity to fund acquisitions positions the company well for the future.”

Edited by Jonathan Rowland.

Read the article online at: https://www.worldcoal.com/mining/22092015/new-hope-posts-full-year-loss-2888/