Dalrymple Bay Infrastructure posts lower FY profit to $29.2m

The news: Metallurgical coal exporter Dalrymple Bay Infrastructure reported full-year net profit after tax of $29.2 million, down from $81.8 million the year prior.

The numbers: Earnings before interest and tax rose 5.2% to $294.3 million, while funds from operations (FFO) was 10.6% higher year-on-year to $173.3 million.

The company declared a full dividend of 24.62 cents per share.

The context: The company said the lower full-year net profit was driven primarily by one-off repayments associated with the refinancing of its 2020 USPP notes, partly offset by a lower tax impact and higher terminal infrastructure charges.

Dalrymple Bay Infrastructure said its key strategic priorities over the next 12 months include delivering organic revenue growth from completed NECAP Projects, progressing Shiploader 1A and stage 4 NECAP works, and capturing long-term mettallurigical coal production growth from the Bowen Basin.