Whitehaven Coal posts 14% hit in Q3 production on wet season disruption
Make us a preferred source
Make us a preferred source on Google
The news: Whitehaven Coal has reported a 14% decline in managed run-of-mine (ROM) coal production for the March quarter to 9.5 million tonnes (mt), citing seasonality disruptions following a strong prior quarter.
The numbers: Shares had risen 2.99% to 2:47pm AEST.
Whitehaven reported equity coal sales of 6.8 mt, down 2% from the previous quarter. Net debt was $6 million as of 31 March, an improvement from $7 million the prior year.
The company stated it remains on track to achieve $60 million to $80 million in annualised cost savings by 30 June.
The context: The company stated that the lower total production was driven by the Queensland wet season, which caused a 28% quarter-on-quarter decline at its Queensland operations.
Lower production as the New South Wales division was attributed to a relatively stronger previous quarter, with the March quarter reflecting a return to normalised vessel queues.
The source: ASX
