Shares of New Hope Corporation (ASX:NHC) jumped on Tuesday after the Australian coal miner reported a slight dip in annual earnings and unveiled another dividend, as higher production helped cushion weaker coal prices.
The company posted a net profit after tax of A$439.4 million for the year ended July 31, down 7.7% from A$475.9 million a year earlier. Revenue was little changed at A$1.80 billion.
New Hope declared a fully franked final dividend of 15 Australian cents a share, payable on Oct. 8, taking total dividends for the year to 34 cents.
Coal sales climbed 21% to 10.5 million tonnes, driven by the ramp-up of output at its New Acland mine, partly offsetting lower benchmark prices.
New Hope shares jumped over 8% to A$4.72 by 00:51 GMT, outpacing modest gains in the broader market.
Source :
https://www.investing.com/news/stock-market-news/new-hope-shares-surge-as-higher-coal-sales-offset-weaker-prices-4239688
