New Hope Corporation (NHC) says it is well placed to withstand current coal market conditions after posting a fall in profit, largely due to investment writedowns.
For the 12 months to June 30, the group’s net profit after tax was $74.13 million, a 55% fall from the previous year’s $167.13 million.
Impairments on the carrying value of New Hope’s investments in Dart Energy (DTE), Westside Corporation (WCL) and the Quantex group of companies hit the result to the tune of $51.4 million.
Revenue for the year slipped to $656.4 million, from $767.7 million in the previous 12 months.
The group will pay a final dividend of 5 cents per share, fully franked, and a fully-franked special dividend of 5 cents per share, on November 5, bringing total shareholder payouts for the year to 16 cents per share.