The company had already embarked on a strict cost containment program which had started to bear fruit, managing director Rob Neale said.

“Our continued emphasis on cost management has helped New Hope to remain profitable and to withstand many of the external headwinds affecting the sector,” he said.

“Management will continue to focus on operational efficiency and prudent fiscal management to ensure the company is well-positioned to weather the current downturn in global coal markets and take advantage of future improvements in market conditions.”

To date the program has delivered a reduction in operating costs at all sites, with production costs on a per tonne basis 11.7% lower than the previous corresponding period.

Neale said the company had further cost saving initiatives in the planning or implementation phase.

Half-yearly revenue was $322.9 million compared with the $388.5 million for the previous corresponding period.

The Acland mine continued to deliver exceptional productivity with 2.4 million tonnes of coal produced, while the West Moreton operations produced 640,000 tonnes of coal representing a 2% increase on HY2012.

The company anticipates that weak thermal coal markets and a resilient exchange rate will have a negative impact on revenue and margins in the second half of the 2013 financial year.

Coal production for the full year is expected to be in the range of 5.8Mt to 6Mt.

“New Hope has a strong balance sheet and a growing exposure to diversified energy markets, presenting a range of potential growth opportunities,” it said.