The Whitehaven Coal Ltd (ASX: WHC) share price has plummeted to a new 52-week low of $1.08 in morning trade today. This steep slide came after the company released its annual result for the 2020 financial year (FY20).
At the time of writing, the Whitehaven Coal share price is down 12.05% to $1.10.
What was in the FY20 announcement?
In today’s announcement, Whitehaven reported FY20 coal production of 20.6 million tonnes.
Revenue came in at $1.72 billion, down from $2.49 billion in the prior corresponding period (pcp).
Whitehaven Coal had net profit after tax of $30.07 million in the 2020 financial year, down 94.7% on pcp. According to the company, its earnings were impacted by lower coal prices. Net profit was also affected by the amortisation of the value of its mines. Depreciation and amortisation totalled $224.6 million in the 2020 financial year.
Diluted earnings per share were 3 cents in FY20 compared to 52.4 cents per share in FY19.
The company reported underlying earnings before interest, tax, depreciation and amortisation of $306 million in the 2020 financial year, down from $1.04 billion in 2019.
Whitehaven Coal had net debt of $788 million at 30 June 2020 and liquidity of $468.8 million.
Managing director and CEO Paul Flynn commented on the company’s FY21 outlook: “Our immediate focus is on achieving greater efficiency and more consistent operational performance in anticipation of markets rebalancing and price improvements beginning to flow through.”
About Whitehaven Coal
Whitehaven Coal is a producer and exporter of thermal coal with assets in Australia. It has been listed on the ASX since 2007.
Earlier in August, Whitehaven Coal announced that it had received approval for its Vickery extension project near Gunnedah in NSW. The project will involve capital spending of $700 million.
The Whitehaven Coal share price today hit a new 52-week low of $1.08. It is down more than 57% since the beginning of the year and more than 66% since this time last year.