First-quarter profits were higher than last year’s results despite New Hope not having the help of Indonesian mine Adaro, which was sold in June.
Increases in profits from Australian mining operations during the first quarter more than offset the loss in earnings from overseas operations.
New Hope attributed its dampened outlook for the remainder of the year to a number of factors.
“Export sales tonnages have been higher in the first quarter due to short-term customer demands, and this has assisted profits,” the company said.
“It is unlikely our sales tonnages will continue at these higher levels for the remainder of the year, and we expect that our sales tonnages will be similar to last year on the full-year basis.”
New Hope said it also expected export coal prices to come off recent highs and thought its prices in United States dollar terms would decrease in calendar 2006.
New Hope said its future income from investment earnings would also be reduced as it paid more than $A200 million in dividends to shareholders in November and December.
