News: WHC UPDATE 1-Australia's Whitehaven Coal half-year profit slumps 86%

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Feb 15 (Reuters) - Whitehaven Coal (WHC) reported an 86% drop in its first-half profit on Thursday as coal prices eased from record levels it had hit last year.

Coal prices have come down from record highs of early 2023 when geopolitical tensions disrupted supply as demand from Europe and China eased.

The company said it had achieved an average coal price of A$220 per tonne in the first half of 2024, compared with A$552 per tonne a year earlier.

Australia's biggest independent coal miner posted a net profit after tax attributable for the half year of A$257.6 million ($167.23 million), sharply lower than A$1.78 billion reported a year ago.

LSEG estimates put net profit after tax at A$399.5 million.

The company announced an interim dividend of 7 Australian cents per share, down from 32 Australian cents a year ago.

($1 = 1.5404 Australian dollars)