Australian coal producer New Hope Group has reported a 10.6 per cent increase in full year profit to $1.1 billion dollars.
This jump in profits is attributed to strong demand and record coal prices during the year.
New Hope Group CEO Rob Bishop remarked that “disciplined cost control” over the last 12 months helped the company stand out from its competitors.
“We also were more resilient with regards to wet weather earlier in the year.
“Production stayed strong and obviously price drove the rest of the profit – it was a record profit for the year.”