AUST Business today:
STRONG FIRST QUARTER BUOYS COAL MINER
Louise Brannelly
New Hope shares rallied 2.3 per cent on Monday after the coal miner recorded increased sales for the first quarter.
Underlying earnings before interest, depreciation and amortisation rose 40.8 per cent to $304.6m, compared to the previous quarter, due to stronger production and higher realised pricing. Group coal sales of 2.8 million tonnes was an 8.1 per cent increase over the previous quarter, driven by a 21.1 per cent increase in coal sales at its Bengalla Mine in NSW.
New Hope issued guidance for saleable coal production of between 10.8 million tonnes and 11.9 million tonnes for the 2025 financial year.
“The company is receiving solid interest from Chinese customers for term business in calendar year 2025 and expects demand from this market to remain robust over the next 12 months,” it said. “Higher gas pricing also continues to provide strong support for coal pricing.”
The group’s average realised sales price of $192.4 per tonne achieved for the three months to October 31, was up from $181.0 per tonne in the July quarter.
New Hope shares closed up 11c at $4.81.
NHC Price at posting:
$4.81 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)