Coal production and shipments were hit by bad weather. Photo: Rob Homer
NEW Hope Colliery is spreading some of the largesse from its asset sales in the year to July, paying a special 15¢-a-share dividend on top of a 5¢ final dividend.
The net profit in the year totalled $503.1 million, flattered by asset sales of $369.7 million.
Excluding one-off items, the underlying net profit fell 20 per cent to $146.9 million, due to bad weather disrupting coal production and shipments.
Along with the sale of its shareholding in Arrow Energy and a 10 per cent stake in the Lenton coal mine, New Hope moved to take full control of Northern Energy Corp, which has boosted its suite of coal development projects.
''With no debt and $1.5 billion in cash, we can marry our finances with our development opportunities,'' New Hope managing director Robert Neale said.
''Over the next five years we are set to double coal production, as we monetise our assets. The big call is the development rate of the projects, use cash flow from projects … or borrow and use financial leverage - to look at accelerating output from some projects with financing.''
Mr Neale said 90 per cent of the planned output expansion was committed, and since its coal projects are typically in areas that have high unemployment, it anticipated being largely insulated from the skills shortage that has affected parts of the resource sector in Queensland. New Hope is also sitting on stakes in several oil and gas explorers - Dart Energy (17 per cent), Planet Gas (19 per cent), Westside Corp (19 per cent) and 30 per cent of unlisted Bridgeport Energy. The final and special dividends are to be paid on November 8.
