New Acland coal mine owner New Hope Corporation recorded a 63.4 per cent drop in net profit after tax last financial year to $161.0 million.

The company attributed the slide to increased depreciation associated with plant and equipment purchased to support the Bengalla growth project in New South Wales and to support the ramp-up of the New Acland mine in Queensland, along with costs associated with increased prime overburden movement.

On the positive side, saleable coal production and coal sales exceeded the upper end of guidance ranges.

The group’s coal sales totalled 11.8Mt, more than 11 per cent higher than the previous period, reflecting the continued ramp-up of New Acland and increased coal sales at Bengalla.

The company said it was continuing to generate strong operating cash flows through execution of its organic growth pipeline, disciplined cost control, and operational reliability.

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“The 2026 financial year saw strong operational performance across the group. Both Bengalla Mine and New Acland mine met or exceeded guidance ranges,” New Hope (ASX:NHC) chief executive officer Rob Bishop said.

“The successful recovery of Bengalla Mine following the weather and logistics challenges experienced in the 2025 financial year, together with the continued ramp-up of New Acland mine Stage 3, demonstrates the quality and resilience of our asset portfolio.”

“The continued execution of our organic growth plans has provided another considerable increase in saleable coal production.”

“Our assets remain resilient and continue to generate solid margins through the cycle, allowing us to provide continued returns to our shareholders.”

“As a result of our performance, we are able to reward shareholders with a fully franked final dividend of 30.0 cents per ordinary share.”

Full-year results for the 2026 financial year showed an underlying EBITDA of $514.3 million, a 32.8 per cent decrease from the previous year.