By Rhiannon Hoyle
Australian coal miner New Hope on Monday reported record underlying earnings for fiscal 2023 on strong market prices, despite weaker coal sales.
The company said it made underlying earnings before interest, taxes, depreciation and amortization of about 1.75 billion Australian dollars (US$1.12 billion) for the year through July. That yet-to-be-audited figure compares to underlying Ebitda of A$1.58 billion in the same period a year earlier.
New Hope said its average realized sales price of A$346.70 a metric ton last fiscal year compared to A$281.80 a ton in fiscal 2022.
The miner said it produced 9% less saleable coal during the year, at 7.2 million tons, and sold 14% less coal than the year prior, with fiscal 2023 sales of 7.6 million tons.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
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