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Brisbane-based New Hope reports a record setting first quarter, in which total revenues experienced a sizeable gain year over year, up 36 percent.
Brisbane-based New Hope (ASX:NHC) reports a record setting first quarter, in which net profit after taxes increased by 111 percent, total revenues also experienced a sizeable gain year over year, up 36 percent to AU$54.9 million.
As quoted in the press release:
Key Highlights
- Revenue for the first half of AU$509.4 million up 36 percent on the prior corresponding period (PCP)
- Profit before tax and before non regular items totals AU$165.2million (up 107 percent on PCP)
- AU$165.8 million from coal operations
- AU$0.6 million loss from oil and gas
- Net cash generated from operating activities of AU$206.5 million (before interest & tax)
- EBITDA before non regular items of AU$211.7 million (up 63 percent on PCP)
- NPAT before non regular items of AU$115.6 million (up 111 percent on PCP)
- Fully franked interim dividend of AU$0.6 per share
- Bengalla delivers AU$83.8 million profit before tax in the first half
New Hope Group has delivered a record half year Net Profit After Tax (NPAT) of AU$115.6 million, an increase of 111 percent above the AU$54.9 million (before non regular items) recorded in the six months to January 2017. Total revenue for the period was AU$509.4 million up 36 percent on the previous corresponding period.
“This strong operating result is a culmination of several factors including a 10 percent increase in sales, improved spot coal prices and a continued focus on cost management,”Managing director, Shane Stephan said. “Our strategic acquisition of 40 percent of the Bengalla coal mine continues to deliver with a Net Profit Before Tax of AU$83.8 million for the period. Queensland mining operations contributed a Net Profit Before Tax of AU$81.9 million and ensured a record first half result for the company and shareholders.”