Higher prices drove the earnings recovery in fiscal 2017, but we don't think they can last.
As expected, no-moat-rated Whitehaven Coal delivered a strong first-half fiscal 2018 result, underpinned by buoyant coal prices. Earnings increased 63% to AUD 0.26 per share versus a year ago. Coal sales volumes were up 10% to 8.6 million tonnes, but the improvement was primarily driven by price. Whitehaven received an average of AUD 114 per tonne, up 18% on last year. The EBITDA margin consequently grew 32% to AUD 54 per tonne. A 7% lift in average unit costs to AUD 60 per tonne offset about on...Whitehaven Coal is principally engaged in the development and operation of coal mines in New South Wales. Co. has two reportable segments: Open Cut Operations and Underground Operations. Mining operations include Maules Creek open cut mine (75% Co. ownership and operator); Narrabri underground mine (70% Co. ownership and operator); and three smaller open cuts mines, Tarrawonga (70% Co. ownership and operator), Rocglen (100% Co. ownership) and Werris Creek (100% Co. ownership).
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