New Hope Corporation (ASX:NHC) has announced its not-so-stellar full year results. The company says it was a tough year for the Australian coal sector due to a downturn in global coal and oil prices.
The coal mining company says its net profit after tax plunged 146% to be a net loss of $53.7 million (when irregular items are factored in).
The company’s EBITDA (including the impact of non-regular items) was $6.4 million – which is a fall of 91.1% compared to FY15.
So what are these non regular items? The company says this includes the impairment of oil producing and exploration assets (totalling $19 million). In addition, there was a $36.5 million cash expense for acquiring oil assets and a 40% stake in Bengalla coal mine in the Hunter Valley, NSW.
Despite that, the company stay pay a final dividend in November – of 2 cents per share (which is down 0.5 cent over FY15).
