New Hope Corporation Limited
(ASX:NHC) is pushing ahead with cost cutting initiatives after revealing a profit drop on the back of significantly lower export coal prices.
The diversified energy company’s interim net profit slumped 67 per cent to $22.7 million in the same period its revenue dropped 12 per cent to $68.8 million.
New Hope says the result was also impacted by a higher Australian dollar, a scheduled mine closure and increasing pressure from offsite costs.
Despite the cost pressures the company claims it is well positioned to withstand market conditions through cost management initiatives and balance sheet strength.
A fully-franked interim dividend of 6 cents per share has been declared.
