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Coal miner Universal Coal has reported a near 800% increase in profits after tax for the full year ended June, while revenue has more than doubled.
Net profit after tax for the 12 months under review reached A$35.9-million, up from the A$4-million achieved last year, while revenue increased from A$149.2-million to A$316.3-million in the same period.
Sales tonnage for the full year increased from 3-million tonnes to 4.7-million tonnes, as production was sourced from two collieries during the full year, with the majority of the increase driven by the New Clydesdale Colliery’s first full year of nameplate production.Universal on Friday reported an earnings before interest, tax, depreciation and amortization of A$72.3- million, compared with the A$25-million in the previous financial year.
“Universal has delivered exceptionally strong financial and operational results for the year ended June, and we have been able to reward shareholders with dividends amounting to 2c a share,” said Universal CEO Tony Weber.
“The 2018 results prove that we have cemented our reputation as a growth-orientated and cost effective coalproducer. We expect to build on this reputation by successfully extracting maximum value> from our producing mines, executing projects that are currently under development, and integrating new operations that we are acquiring,” Weber said.
The company is expecting to take effective ownership of the Eloff Mining Company, as well as the North Block Complex in the months to come, Weber noted.
“Over the next few years, we are well placed to achieve our strategic objective of growing Universal Coal to become a ten-million tonne a year saleable tonne producer. We also remain resolutely committed to the ongoing distribution of dividends to shareholders.
“We continue to assess other acquisition opportunities that enhance our production and earnings profile. Universal is in great shape and benefitting from solid operational performance and strong sector tailwinds.”Read more