(Adds details on Acland project, outlook) Sept 17 (Reuters) -...

(Adds details on Acland project, outlook)

Sept 17 (Reuters) - Australian coal producer New Hope Corp (NHC) on Tuesday said coal markets would likely remain volatile in the near term despite strong demand for high-quality thermal coal across Asia, as it posted a 41% rise in annual net profit.

The firm forecast lower production volumes from its operations in Queensland state in the year to July, due to delayed approvals for its Acland Stage 3 project and the pending closure of its Jeebropilly mine.

New Hope also said it has begun redundancy process for 150 employees pending Acland Stage 3 project approvals.

Higher production at its Bengalla joint venture in New South Wales state, where it acquired an additional 40% stake during the 2019 financial year, boosted annual earnings.

Net profit for the year ended July 31 came in at A$210.7 million ($144.7 million), compared with A$149.5 million last year, New Hope said in a statement.

Revenue jumped 21 percent over the period. Barring one-off expenses, New Hope's net profit rose 3% to A$268.5 million in the full year.

The company declared a final dividend of 9 cents a share, compared with 8 cents in the prior period.

($1 = 1.4558 Australian dollars)