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New Hope Corporation Ltd (ASX:NHC) has more than tripled its first half earnings, booking a net profit of $407 million from $112 million the year before.
The coal producer’s latest result was boosted by the sale of its 16.7 per cent stake in Arrow Energy, adding $326 million to its interim net profit.
Excluding this non-recurring benefit, in the six months to 31 January 2011 net profit dropped 27 per cent to $81 million.
The fall was attributed to Queensland’s wet weather conditions, a strong Australian dollar and the higher cost of transport.
New Hope says is working closely with QR National (ASX:QRN) to maximise railings once the Western Rail Line is re-opened and to minimise the impact on the 2011 full-year result.
A fully franked interim dividend of 5.25 cents per share has been declared.
In the 2010 financial year New Hope Corporation generated a net profit of $183.8 million.
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