Whitehaven Coal Limited
(ASX:WHC) has cautioned the current state of coal prices could inflict a huge drop in its full year pre tax earnings.
Analysts expect earnings of $185 million for the current financial year, however the miner says that with current coal prices the figure could come down to around $50 million.
Whitehaven said there is currently little sign of a market rebound and it is difficult to have confidence in predicting future coal prices.
The company also announced the refocusing of its succession planning for departing managing director Tony Haggarty.
Although the process is proceeding in confidence, Whitehaven expects Mr Haggarty will continue to have significant involvement in company affairs.
Whitehaven posted a net profit of $62.5 million in fiscal 2012.
