The New Hope Corporation Limited (ASX: NHC) share price continued its solid run on Tuesday following the release of its full-year results.
The coal miner's shares finished the day higher by 4% to $1.85, stretching their 30-day return to almost 18%.
In FY 2017 New Hope posted a net profit after tax and non-regular items of $140.6 million, up 362% on the previous year.
This result was driven largely by a timely investment in the Bengalla Coal Mine and continuing solid production from Queensland operations.
This led to annual sales tonnage reaching 8.5 million tonnes in FY 2017.
Pleasingly, management advised that demand for high quality Australian coal remains strong in Asian markets and is expected to grow in the future.
This is due to major markets of Japan, Taiwan, Korea and China building new high efficiency low emission coal fired power plants as a strategic part of their energy policy and electricity supply infrastructure.
