News: New Hope Corp posts record FY production

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New Hope Corporation Ltd (ASX:NHC) has posted a record increase in annual saleable coal production, delivering a 15 per cent increase to 5.921 million tonnes.

The miner says the result reflects increases in overburden removal and coal mining and processing capability.

Sales for the year to 31 July were 18 per cent higher than the year before, also a new record, the miner says because of improved rail performance, strong export demand and available port capacity.

For the last quarter 1.706 million tonnes in group saleable coal production was recorded, up 22 per cent on the prior quarter.

Looking ahead New Hope advises it is reviewing prospective tenements and has submitted applications for exploration permits in Queensland, with approval due within the year.

New Hope expects net profit for fiscal 2010 to be between $175 million and $185 million before non-recurring items, inline with market expectations.

Full year results will be announced on 21 September.

New Hope Corporation reported a profit of $1.95 billion in fiscal 2009.