Australian coal miner New Hope Corp reported a net profit of AUD79.4 million ($57.57 million) for the financial year ended July 31, swinging from a loss of AUD156.8 million in the previous year. New Hope has available liquidity of AUD565 million ($409.71 million), made up of AUD425 million ($308.18 million) cash and A$140 million ($105.14 million) undrawn debt. It declared a dividend of 7 Australian cents per share after suspending it last year due to the impact of the COVID-19 pandemic.
The company attributed its strong performance to solid coal prices and demand. It also forecasts a strong fiscal 2022 and expects coal demand to continue to be robust, with prices hovering around historically high levels. New Hope said that it is in a good position to pursue mergers and acquisitions (M&A) outside the coal sector to boost growth.
However, the company said the M&A opportunities must have existing long-term operational approvals and be able to create value from day one. Analysts said New Hope’s next deal would likely involve alternatives to cash, such as an equity arrangement.
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Published on September 22, 2021 10:55 AM (GMT+8)Last Updated on September 22, 2021 10:55 AM (GMT+8)
