Australian coal company New Hope Corp. reported a 103% year-on-year surge in net profit from August 2022 to January 2023, the first half of the fiscal year 2022-23, driven by a surge in global commodity prices, the company said in an announcement lately.
The company realized a net profit of A$669 million ($449 million) during the given period, notching a record high and well above the year-ago level at A$330 million.
Underlying earnings before interest, taxes, depreciation and amortization (EBITDA) were registered at A$1.039 billion, up 87% year on year.
The outbreak of the Russia-Ukraine conflict last year led to a sharp drop in natural gas and coal supply glocally, and some major energy-importing countries accelerated panic purchases, resulting in a surge in global coal prices.
New Hope's average coal sales price was A$467.4/t ($312.58/t) during the first half, much higher than A$192.4/t in the same period last year.
The company's coal sales fell 34% year on year to 3.4 million tonnes during the reporting period.
(Writing by Emma Yang Editing by Harry Huo)
For any questions, please contact us by firstname.lastname@example.org or +86-351-7219322.