Whitehaven Coal's annual profit halves on lower prices, higher costs

(Reuters) -Australia's Whitehaven Coal said on Thursday its profit declined by more than half in fiscal 2025, hurt by lower realized prices and higher costs of sales.

The country's largest independent coal miner reported a 57% drop in underlying net profit after tax to A$319 million ($205.18 million) for the year ended June 30, down from A$740 million a year earlier.

However, the results beat the Visible Alpha estimate of A$261.1 million.

Cost of sales, or the expenses to cover operations such as mining and processing, increased more than 80%, while realised coal prices slipped to A$215 per tonne from A$228 per tonne last year.

Meanwhile, Whitehaven said it has decided to cut back on capital spending for its Narrabri Stage 3 extension project in New South Wales, reducing the allocation to between A$260 million and A$300 million, down from A$800 million to A$850 million.

($1 = 1.5547 Australian dollars)

(Reporting by Sneha Kumar and Sherin Sunny in Bengaluru; Editing by Mohammed Safi Shamsi)