Whitehaven Coal 1H Net Profit A$257.6 Million, Down 86% On-Year

By Rhiannon Hoyle

Australian miner Whitehaven Coal reported an 86% slump in first-half profit as coal prices fell from record-high levels and costs increased.
The mining company Thursday said it made a net profit of 257.6 million Australian dollars (US$167.2 billion) in the six months through December, down from A$1.78 billion in the year-earlier period.

Directors declared an interim dividend of 7 Australian cents a share, from 32 cents a year ago.
Prices were sharply lower. The company reported an average price for the six-month period of A$220 a metric ton, down from A$552 a ton in the year-prior period.
Whitehaven also said its unit costs increased in big part due to lower volumes from its Narrabri operation and higher operating costs at its open-cut mines.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com