Coal miner New Hope Corp has posted a four per cent rise in its half-year net profit as a jump in revenue on stronger coal prices was partially offset by increased expenses.
Net profit for the six months to January 31 came in at $120.2 million, compared with $115.6 million in the year-earlier period, New Hope said on Tuesday.
The company had incurred one-time expenses over the past six months from its acquisition of further holdings in the Bengalla coal mine, of which it now owns about 80 per cent.
Barring one-off expenses, New Hope’s net profit rose 33 per cent to $159.8 million in the half-year.
‘The increased share in Bengalla and a five-year debt financing package will deliver certainty of funding to underpin the group’s growth initiatives over the medium term whilst maintaining a conservatively geared balance sheet,’ Managing Director Shane Stephan said.
The company’s revenue jumped 21 per cent over the period. It declared an interim dividend of 8 cents a share, compared with 6 cents in the prior period.
Earlier in the month, the company’s New Acland coal mine project cleared an environmental hurdle in Queensland, which now enables it to seek further permits to begin operations.