New Hope Corp 1st Half Net Profit A$407.4 Million, Lifted By Arrow Energy Sale

New Hope Corp. (NHC.AU) said Tuesday first-half net profit more than tripled to A$407.4 million from A$111.6 million a year before, after the coal miner sold its 16.7% stake in Arrow Energy Ltd. to Royal Dutch Shell PLC (RDSB.LN) and PetroChina Co. (PTR).

The miner, which operates two mines in southeast Queensland, said the sale added a one-off A$326.3 million to net profit. Excluding this benefit, net profit fell 27% to A$81.1 million from A$111.6 million, which the company blamed on a strong Australian dollar, increased transport costs, and the impact of wet weather in Queensland.

Revenue fell 8.6% to A$336.2 million from A$367.9 million, while the interim dividend was raised 5% to 5.25 cents per share from 5.00 cents.

The company said the full impact of the rail outage resulting from heavy rainfall in Queensland in December and January couldn't yet be accurately determined, but said expectations for thermal coal prices were firm heading into negotiations on annual benchmark coal prices expected to begin in coming weeks.

-By David Fickling, Dow Jones Newswires; [phone]; [e-mail]