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ENERGY company New Hope Corporation Limited (ASX:NHC) has suffered a slump in profit, following challenging conditions in the coal market.
NHC reported net profit after tax in the first half of FY14 of $22.7 million, down from $68.8 million in the previous corresponding period.
“New Hope is managing the current downturn in global coal markets with a clear focus on cost management and operational efficiencies.
Stephan says lower export coal prices, high exchange rate, increased offsite costs and closing the New Oakleigh mine impacted the results.
“While conditions remain challenging for all Australian coal producers, New Hope is well-placed to withstand the downturn due to its comparative low cost of production, diversified asset portfolio and its strong balance sheet.
NHC will pay a fully franked dividend of six cents per share on May 6.
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