New Hope Corp 1st Half Net Profit A$407.4 Million, Lifted By Arrow Energy Sale
March 21 2011 - 6:01PM
Dow Jones News
New Hope Corp. (NHC.AU) said Tuesday first-half net profit more
than tripled to A$407.4 million from A$111.6 million a year before,
after the coal miner sold its 16.7% stake in Arrow Energy Ltd. to
Royal Dutch Shell PLC (RDSB.LN) and PetroChina Co. (PTR).
The miner, which operates two mines in southeast Queensland,
said the sale added a one-off A$326.3 million to net profit.
Excluding this benefit, net profit fell 27% to A$81.1 million from
A$111.6 million, which the company blamed on a strong Australian
dollar, increased transport costs, and the impact of wet weather in
Queensland.
Revenue fell 8.6% to A$336.2 million from A$367.9 million, while
the interim dividend was raised 5% to 5.25 cents per share from
5.00 cents.
The company said the full impact of the rail outage resulting
from heavy rainfall in Queensland in December and January couldn't
yet be accurately determined, but said expectations for thermal
coal prices were firm heading into negotiations on annual benchmark
coal prices expected to begin in coming weeks.
-By David Fickling, Dow Jones Newswires; +61 2 8272 4689;
david.fickling@dowjones.com
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