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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles