(Reuters) - Australian miner Whitehaven Coal <WHC.AX> on Friday said its first-half underlying profit rose by about 63 percent, thanks to rising coal prices and higher output, and having slashed debt, it resumed paying a regular dividend.
Net profit rose to A$257.2 million ($204 million) for the half year ended Dec. 31 from A$157.5 million a year ago. The company also announced an interim dividend of 13 Australian cents a share - its first regular dividend since 2012.
The company was able to start paying a dividend again after cutting net debt, which fell to A$146.9 million at Dec. 31 from A$311.1 million at June 30.
Australian thermal coal exports from Newcastle <GCLNWCPFBMc1> averaged $96 a tonne in the first-half, up from $81 a year earlier, and are currently trading above $105 a tonne.
The miner added that factors like China’s draw on the sea-borne thermal coal market, demand for higher quality coals from Southeast Asia and strong traditional Asian markets have helped maintain high thermal coal prices.
The company maintained its full-year output guidance of 20.5 million tonnes to 21 million tonnes.
(Reporting by Syed Saif Hussain Naqvi in Bengaluru; Editing by Stephen Coates)
