Despite reporting an increase in export sales, coal producer New Hope Corporation Ltd
(ASX:NHC) has booked a 93% slump in first half profit.
Net profit for the six months to January 31 was $111.5 million – slightly ahead of the energy company’s guidance of $100 to $110 million.
Excluding one-off items, New Hope’s profit fell by a more modest 15.8%.
The result was impacted by lower US dollar sale prices for coal and a higher Australian and US dollar exchange rate.
The reported profit in the same period a year before included a $1.69 billion gain on the sale of the New Saraji coal assets to the BHP Billiton Mitsubishi Alliance in 2008.
Chairman Robert Millner says the company continued to expand production efficiency during the first half, with total coal sold being 24.3% higher than the previous corresponding period at 2.8 tonnes.
CEO Rob Neale says revenue was up 19.4% thanks to growth in saleable coal production.
The board has declared an interim dividend of 5 cents per share, up from 4.75 cents per share, fully franked and payable on May 5.
New Hope Corporation posted a profit of just over $1.95 billion for the 12 months to July 30, 2009.
