New Hope Announces Increased Revenues for Q1

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.”

Click here to read the full announcement