Coal miner Whitehaven Coal has reported a 95% fall in net profit after tax for the full year ended June, as thermal coal prices softened and labour shortages impacted production.
Underlying net profit after tax for the full year reached A$30-million, while underlying earnings before interest, taxes, depreciation and amortisation was reported at A$306-million, down 71% on the previous financial year. Whitehaven MD and CEO Paul Flynn said that the New South Wales government’s recent approval of the Vickery operation was a significant achievement during the year, but given the continuing short-term economic uncertainty, the company remained cautious about expansion and capital allocation.