New Hope profit plunges

New Hope has seen its full year net profit slump by 91% from the same time last year.

New Hope has seen its full year net profit slump by 91% from the same time last year.

The coal miner recorded a drop from $1.95 billion down to $183.3 million this year.

This massive fall was due to a number of factors such as the rising cost of sales, the lowered price of export coal and the strengthening Aussie dollar.

It also factored in the sale of the New Saraji project, which earned the miner $1.69 billion.

Excluding these earnings, the miner saw a more modest fall of just over 30% from $262.3 million profit last year.

This is despite coal production hitting a record high of 5.9 million tonnes for the year ending 31 July.

This was a rise of 15%, with 4.9 million tonnes of the production going towards export sales.

In a recent announcement, the company stated that it is focusing on expanding away from its traditional pure energy coal base, and has taken a 50% stake in a Canadian greenfields coal to liquids technology company, which aims to produce synthetic fuels and metallurgical grade coal from low grade thermal coals.
 

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