Coronado Global shares fall after profit drop
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More news: Shares of Coronado Global resources fell nearly 12% in early trading on the ASX to $1.46, after the coal miner reported a 65% slide in half-year profit amid falling metallurgical coal prices and weather-related disruptions.
Coal price slide drags down Coronado Global Resources profit
The news: Coal miner Coronado Global Resources has posted lower first-half profit and sales on the back of falling coal prices and weather-related disruptions.
The numbers: The company said net profit for the six months to 30 June dropped 65% to $US199.20 million ($303.10 million). Revenue for the period was down 25% to $US1.49 billion. It will pay a dividend of 0.5 US cents per security.
The context: Coronado, which operates coal mines in the U.S. and Australia’s Bowen basin, said lower revenues reflected a 37% fall in metallurgical coal prices so far this year. The company has also faced higher costs amid global inflationary pressures and it experienced weather-related disruptions at the start of 2023.
The source: ASX announcement
