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New Hope Corporation Limited (ASX:NHC) has almost tripled its full year net profit, but the company’s profit on an underlying basis fell 20 per cent.
In the 2011 financial year the Queensland coal producer’s net profit came in at $503 million.
The result was boosted by record coal exports and the sales of its $329 million stake in Arrow Energy and its $40 million stake the Lenton project.
However, profit excluding non-recurring items was down 20 per cent and revenue was down 11 per cent in a year that saw coal production slip 5 per cent.
A final fully franked dividend of $0.05 per share has been declared, in addition to a special dividend of $0.15 per share.
News: New Hope FY profit jumps on stake sales
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