New Hope’s First Half Benefits from Stronger Coal Price, AUD 3.50 per share FVE Maintained
New Hope benefited from a 22% jump in the realised coal price of AUD 140 per tonne. The realised coal price eclipsed the highs of the 2011 China boom, with the weaker AUD/USD exchange rate also providing a boost. Adjusted first-half fiscal 2019 net profit after tax increased 38% to AUD 160 million versus the same period a year ago. Coal sales of 4.4 million tonnes were soft however, and 12% below our forecast. The weaker volumes were primarily because of the higher unit costs at the Acland mine,...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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