New Hope shares rise on Q1 sales boost
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More news: New Hope shares lifted in morning trade on the ASX after the Brisbane-based coal producer posted an improvement in sales and prices in the October quarter.
New Hope shares were up 3.1% to $4.84 by 11:13am AEDT and over the last 12 months has dropped 7.36%.
New Hope posts Q1 sales boost as Bengalla issues subside
The news: Coal miner New Hope notched improvements in sales and prices during the October quarter as logistical disruptions at its Bengalla mine in New South Wales eased.
The numbers: Group coal sales of 2.8 million tonnes marked an 8.1% increase quarter over quarter, and a 52% rise year over year.
New Hope's average realised sales price of $192.4 per tonne during the quarter was up from $181 per tonne in the previous three months.
The company reported underlying EBITDA, its preferred measure, of $304.6 million, up 40.8% compared to the June quarter, boosted by stronger production and higher realised pricing.
New Hope is targeting increased production and lower unit costs for FY25 compared to FY24.
It guided coal sales of between 10.66 million and 11.75 million tonnes, the midpoint representing a 29% improvement on last year's total.
It expects saleable coal production between 10.83 million and 11.87 million, up 25% at the midpoint compared to FY24.
The context: New Hope said its 80% owned Bengalla mine recorded a strong operational performance in the first quarter due to easing logistical disruptions experienced in the previous quarters.
The coal miner, which is majority owned by Washington H. Soul Pattinson, reported a sharp fall in full-year profit in September, after operations at Bengalla were impacted by logistics constraints during the June quarter.
The source: ASX announcement
