Australia's New Hope posts smallest annual profit since 2021 as low prices, high costs bite (updated)
UPDATE 1-Australia's New Hope posts smallest annual profit since 2021 as low prices, high costs bite Rewrites paragraph 1, updates with further details throughout
Sept 15 (Reuters) - Australia's New Hope Corporation NHC.AX on Tuesday posted its smallest annual profit in five years and missed estimates as lower realised pricing and higher unit costs outweighed an improvement in operational performance.
New Hope said earnings were impacted by an 8.8% decline in its average realised sales price to A$143.2 per tonne, pressured by unfavourable foreign exchange fluctuations and an uptick in the proportion of high-ash sales across the group.
Profits were also weighed down by increased depreciation related to plant and equipment purchases to support New Hope's Bengalla growth project and the ramp-up of the New Acland mine.
The thermal coal miner's annual profit fell 63.4% from a year earlier to A$161 million ($114.94 million) — the lowest since the A$79 million logged in fiscal 2021. It also missed Visible Alpha estimates of A$182.2 million.
New Hope declared a final dividend of 30 Australian cents per share, higher than the previous year's 15 Australian cents.
($1 = 1.4008 Australian dollars)
(Reporting by Nikita Maria Jino and Shruti Agarwal in Bengaluru; Editing by Jonathan Ananda)