Whitehaven Coal Ltd. (ASX:WHC) released its half-year results for the 2016 fiscal year, noting that it achieved an after-tax net profit of $7.8 million. Furthermore, all of the company’s key financial performance metrics improved over the year-ago period.
- Sales revenue rose 54% to $574.3 million;
- Operating EBITDA rose 104% to $106.4 million on the back of a 40% increase in operating margin;
- Operating cash flow increased 421% to $118.3 million;
- Net debt was lower at $924.9 million with gearing down slightly to 24%; and
- Unit costs fell to $58/t down 8% on pcp.
- There were no significant items in the result.
Paul Flynn, managing director and CEO of Whitehaven, commented:
Whitehaven recorded a range of significant achievements in the first half with major improvements across all key financial performance indicators.
The results are particularly pleasing because they have been achieved at a challenging time for the industry, meeting all our commitments we have made to the market.
Whitehaven’s high quality coal – which produces more energy and fewer emissions per tonne than almost all competing coals – is being well received in our Asian markets where there is strong and growing demand for cleaner coal.
Customer feedback on the coal we are producing at Maules Creek is exceptionally positive.
Whitehaven remains positive about the medium and long term outlook for coal, particularly the outlook for the high quality coal we produce. Our coal is highly sought after by customers and countries that have an appreciation for the critical role high quality coal does play in creating an economically competitive, low emissions future.
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