New Hope profit drops on lower coal prices, dividend maintained
Australian coal miner New Hope has reported sharply lower earnings for the first half of its 2026 financial year, as weaker coal prices offset steady production performance across its operations.
The company on Tuesday posted underlying earnings before interest, taxes, depreciation and amortisation of A$214.8-million, down 58.5% year-on-year, while net profit after tax fell 84% to A$54.3-million.
Despite the decline, New Hope declared a fully franked interim dividend of 10c a share, supported by its low-cost asset base and continued cash generation.
Group saleable coal production for the half-year reached 5.5-million tonnes, marginally higher than the previous corresponding period, driven by ongoing ramp-up at the New Acland mine.
Production at the Bengalla mine was impacted by recovery activities following significant weather events in late 2025, although the operation is expected to return to its 13.4-million-tonne-a-year run-of-mine production rate in the second half of the financial year.
At New Acland, output continued to increase as the mine ramps up towards its targeted five-million-tonne-a-year production rate, with access to the Manning Vale West pit scheduled for the final quarter of 2026.
During the period, New Hope also increased its equity stake in Malabar Resources to 25.97%, strengthening its exposure to metallurgical coal assets in line with its long-term strategy.
Group free-on-rail cash costs rose 9.2% to $60.6/t, reflecting increased overburden movement at Bengalla.
CEO Rob Bishop said the company’s assets remained resilient despite the weaker pricing environment.
Looking ahead, the company expects improved production performance in the second half, supported by Bengalla’s recovery and continued ramp-up at New Acland.
New Hope also confirmed the extension of its on-market share buy-back programme to March 2027 as part of its capital management strategy.
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