Earnings are strong but with coal prices well above the marginal cost, we don't think they can last.
No-moat-rated Whitehaven Coal saw record profit in fiscal 2018, benefiting from the buoyant prevailing coal price. Net profit after tax increased 43% to AUD 526 million, in line with our forecast. The 27% rise in revenue to AUD 2.3 billion was primarily due to price. Whitehaven’s average received price rose 16% to AUD 121 per tonne, while the company’s share of coal sales volumes, net of traded coal, rose 3% to 16.0 million tonnes. Unit cash costs excluding royalties were up 6% to AUD 62 per ton...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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