Buoyant Coal Price Boosts New Hope’s 1Q Profit
No-moat-rated New Hope’s first-quarter fiscal 2018 net profit of AUD 52.3 million was slightly better than expected and well ahead of first-quarter profit last year of AUD 10.5 million. The primary driver of higher profit was the 35% coal price increase, which averaged AUD 111 per tonne, and more than outstripped the 7% rise in unit costs including royalties to AUD 65 per tonne. A 16% increase in coal sales volumes to 2.15 million tonnes also helped, reflecting a lack of weather disruptions vers...New Hope operates four reportable segments: Coal mining in Queensland (including mining related exploration, development, production, processing, transportation, port operations and marketing); Coal mining in New South Wales (including mining production, processing, transportation and marketing); Oil and gas (including oil and gas related exploration, development, production and processing); and Treasury and investments (including cash, held to maturity investments and available for sale financial assets).
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