Washington H Soul Pattinson and Company Ltd (ASX:SOL) reports an 87% fall in first half profit

Company News

Washington H Soul Pattinson and Company Ltd (ASX:SOL) has reported an 87% fall in first half profit to $123.4 million.

Profit before non-regular items for the six months to January 31 was $97.1 million, down 17.4% on the same period a year before.

However, the previous period’s result included a significant contribution from coal miner New Hope Corporation’s sale of the New Saraji coal project for $1.7 billion.

The latest half-year result reflects a smaller contribution from New Hope, due to lower international coal prices.

New Hope contributed $67.4 million during the period, down from $1.1 billion in the previous corresponding half.

Coal production and sales volumes were up in the period, but lower export prices and interest revenues impacted the result.

The board has declared an interim dividend of 14 cents, fully franked, up from 13 cents.

Washington H Soul Pattinson booked a profit of $1.112 billion for the 2009 financial year.

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