New Hope’s profit skyrockets 2,410% to $68.4M

Company News

by David Chau

New Hope Corporation Ltd (ASX:NHC) has released its first half results for the six months ended 31 January 2017.

The diversified energy company’s revenue rose 63% to $374.6 million compared to the prior corresponding period.

The company’s NPAT skyrocketed by 2,410% to $68.4 million (up from $2.7 million last year).

New Hope’s EPS jumped 2,633% to 8.2 cps. Last year, it was just 0.3 cps.

The company declared a fully franked interim dividend of 4 cps (which was double last year’s interim dividend).

New Hope says these results were driven by increased sales, a recovery in spot coal prices, continued cost management efforts, and its mining operations – in particular, strong production from the Bengalla coal mine in NSW (in which New Hope has a 40% stake).

This morning, New Hope shares are tracking 4.87% higher at $1.83.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.