News: WHC UPDATE 1-Australia's Whitehaven Coal annual profit jumps 37% on strong prices

(Updates with context on coal prices, average realised price, and dividend)

Aug 24 (Reuters) - Australia's Whitehaven Coal (WHC) on Thursday posted a better-than-expected full-year profit helped by elevated average realised prices for its products, mainly in the first half, which partly offset a decline in output.

Whitehaven's average realised prices for coal remained strong for the year boosted by sanctions on Russia that triggered a scramble for alternate supplies. However, prices are on the decline due to high coal and natural gas inventories.

The coal miner received on average A$445 per metric ton for its product in fiscal 2023 compared with A$325 per metric ton last year. In the fourth quarter, prices had declined to A$264 a tonne, nearly halving from a year ago.

The country's largest independent coal miner reported a net profit after tax attributable of A$2.67 billion ($1.73 billion)for the year ended June 30, compared with a profit of A$1.95 billion a year earlier. That beat Refinitiv estimates of A$2.63 billion.

Whitehaven declared a final dividend of 42 Australian cents per share, compared with a dividend of 40 Australian cents per share last year.

($1 = 1.5430 Australian dollars)