New Hope Group – $128.7 million profit
New Hope Group’s well timed investment in the Bengalla Coal Mine in addition to continuing solid production from Queensland operations has resulted in substantially increased annual sales tonnage of 8.5 million tonnes for the 2017 year, which is up 23% on last year. Total revenue during 2017 was $844.1 million up $312.6 million or 59% on the previous financial year.
Net Profit After Tax (NPAT) after non-regular items was $140.6 million up 362% on the previous year.
Managing Director of New Hope Group, Shane Stephan said, “What is really pleasing about this strong financial result is that we have concurrently been able to make substantial improvements to our safety performance during the same period.”
“The company generated strong operating cashflows of $313 million before interest and tax and net cash inflow from operating activities of $284.5 million and has finished the year with cash and cash equivalents on the balance sheet of $236.9 million.”
“This result includes a full financial year impact of our 40% ownership in the Bengalla Joint Venture which boosted our production and sales by 3.4 million tonnes. Revenue from our share of Bengalla totalled $322.6 million and EBITDA of $146.8 million. Profit after tax from Bengalla totalled $74.6 million for the year.”