Whitehaven Coal Limited (ASX:WHC) has narrowed its first half loss and lifted its first half revenue and volumes as it continues to reduce its cost of production.
The coal miner booked a net loss of $11.6 million in the last six months of 2013, improving 76 per cent from a loss of almost $49 million the year before. Over the same period revenue rose 43 per cent to more than $402 million.
Whitehaven says a 10 per cent reduction in costs was due to increased efficiency at its mines and smarter asset utilisation from a range of initiatives.
Managing Director Paul Flynn has spruiked a very encouraging outlook for the company as it persists with boosting capacity and lowering costs.
Mr Flynn says the fundamentals of the business are now showing some very encouraging upside and Whitehaven Coal believes it has enhanced its resilience to volatility on coal prices.
Whitehaven Coal will not pay an interim dividend.
