Whitehaven swings to FY loss

Miner does not expect improvement in coal prices in the short term, says weaker Australian dollar will boost revenues.

Whitehaven Coal (WHC) does not expect a short-term improvement in coal prices but says the weaker Australian dollar will help increase revenues in fiscal 2014.

The group swung to a net loss attributable to members of $82.2 million in fiscal 2013, from a profit of $62.5 million in the prior year.

The loss reflected significantly lower average coal prices of $83.81 per tonne in the year, compared with $111.72 per tonne in fiscal 2012.

The fall in prices was predominantly due to market weakness, as well as a significant amount of Narrabri thermal coal being sold at a price below the Newcastle benchmark, the group said.

Revenue rose 0.7% to $622.2 million in the year, compared with $618.1 million in the previous corresponding period.

Whitehaven declined to pay a dividend.