The company’s net loss for the half-year before income tax was $31.8 million, which included a $10 million impairment expense recorded against the carrying value of goodwill recognised on acquisition of MCC.

The “normalised EBITDA” loss for the half-year ended 31 December 2015 was $6.5 million after adjusting for expenses including unrealised foreign exchange losses of $17.6 million.

MCC generated an EBITDA loss of approximately $6.0 million for the half year period.

“Following the identification of impairment indicators, the continued deterioration in global coal prices and the trading performance of the coal mining operations, an impairment expense of $10 million was recognised against the carrying value of goodwill recognised on acquisition of MCC in 2013,” the company said.

The company’s total revenue for the half-year was $16.5 million, which mainly included revenue derived from the sale of coal at MCC, interest income earned on cash deposits, proceeds from the sale of livestock and wool at Ingomar Station and the recognition of government grant income.

White Energy’s total expenses for the half-year were $48.9 million, which includes the operating costs associated with MCC coal mining operations and the impairment expense.