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

Sept 22 (Reuters) - Australian coal miner New Hope Corp NHC.AX 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.

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)

((Sameer.Manekar@thomsonreuters.com; +918061823447;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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