New Hope profit slide

THERMAL coal producer New Hope has posted a $A74.1 million net profit for the 2013 financial year – a 56% fall from the previous year.
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New Hope chief executive Robert Neale

Blair Price

The impact from non-recurring items was $50.9 million.

New Hope said it was due to the impairment to the carrying value of its investments in Dart Energy, Westside Corporation and the Quantex group of companies.

Without these impacts the net profit result would have been $125 million, a 25% slide year on year, with lower export coal prices, foreign exchange rates and reduced production taking their toll.

New Hope’s total run of mine production was 11.4 million tonnes, a 7% fall year on year while the amount of coal sold was down almost 5% to 6Mt.

More cost saving measures are planned this financial year with New hope managing to reduce administration costs by 38% and costs of sales by 10% in the recent year.

“Against a backdrop of difficult economic conditions for Australian coal producers, New Hope’s focus on increased productivity, low-cost operations and tight management has driven a reasonable FY2013 result,” New Hope managing director and CEO Rob Neale said.

A final dividend of 5c per share and special dividend of 5c per share is expected to be paid on November 5.

New Hope shares are unchanged at $4.29 so far this morning.

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