The New Hope Corporation Limited (ASX: NHC) share price is up 3.17% to $2.12 today, after the coal miner released a record half year result. Here are the key figures, in comparison to the previous corresponding period:
- Revenue up 36% to $509 million
- EBITDA before non-regular items up 63% to $212 million
- NPAT before non-regular items up 111% to $116 million
- EPS up 70% to 13.9 cents.
- Interim dividend up 50% to 6 cents per share, fully franked.
New Hope made the most of the growth in export thermal coal prices, with a 10% increase in sales volume matched by an 11% increase in exports, which accounted for about 95% of the 4.4 million tonnes of coal sold in the half year.
The 40% interest in the NSW Bengalla project – acquired in 2016 from Rio Tinto Limited (ASX: RIO) for $865 million – proved a vital asset with production up 12% from the previous half year, offsetting the contraction of volumes from the New Acland mine, where expansion was halted due to an adverse judicial ruling.
The company expects market conditions to remain favourable, as the modernisation of coal-fired power stations in Asia sustains demand for high-quality Australian thermal coal.
