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Australia Australia's New Hope Corp reports annual loss on slump in coal prices

04:16  22 september  2020
04:16  22 september  2020 Source:   reuters.com

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Australia ' s New Hope Corp Ltd said on Thursday that a sudden drop in thermal coal prices and lower output from However, offering some relief, New Hope said a pick-up in Chinese industrial activity and power consumption ( Reporting by Rashmi Ashok in Bengaluru; Editing by Simon Cameron-Moore).

Australian coal miner New Hope Corp Ltd said on Friday it will lay off up to 75% of its workforce from its corporate headquarters due to uncertainty New Hope swung to an annual loss , it reported last month, hurt by a plunge in coal prices as power demand fell in its key markets due to the pandemic.

a train crossing a bridge over a river: Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee © Reuters/David Gray Coal is unloaded onto large piles at the Ulan Coal mines near the central New South Wales rural town of Mudgee (Reuters) - Australian coal miner New Hope Corp on Tuesday posted an annual loss compared with a profit last year, hurt by a plunge in coal prices as power demand fell in its key markets due to the COVID-19 pandemic.

For year ended July 31, the loss after tax from continuing operations was A$156.8 million ($113.35 million), compared with a profit of A$210.4 million last year, it said in a statement.

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Newcastle benchmark thermal coal prices fell by the most in almost four years on Monday as reports of the ban filtered through the market. Some of Australia ’ s top coal producers took a hit on Tuesday, with New Hope Corp . falling 7.3% and Coronado Global Resources Inc, which runs the giant Curragh

Coal prices have slumped to multiyear lows, so the Australian coal miner New Hope Corp . is considering moves into other sectors. BRISBANE, Australia —Tumbling commodity prices are prompting many global miners to spread their bets. However, few companies are going as far as New

In August, New Hope reported a near 30% drop in its July quarter coal sales owing to a drop in demand from major markets such as Japan and South Korea, and flagged disruption to its operations and oil production activities from border restrictions in Queensland state.

It also said its Queensland operations will continue to cut down production in the year ahead as near-term demand outlook for thermal coal remains uncertain.

The coal miner did not declare a final dividend, compared with 9 cents a share last year.

($1 = 1.3833 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Kim Coghill)


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Aug 21 (Reuters) - Australia ' s New Hope Corp Ltd NHC.AX posted a near 30% drop in July-quarter coal sales on Friday, as power demand crumbled due to the coronavirus crisis, and said it would consider a demand from an environment-focused activist investor group to wind up its coal operations.

Australian coal producer New Hope Corp posted a 41% rise in its annual net profit, helped by stronger export thermal coal prices during the period. The company' s revenue jumped 21 percent over the period. ( = 1.4558 Australian dollars). ( Reporting by Aby Jose Koilparambil in Bengaluru).

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