Coal price slump hits New Hope March 19, 2013 - 9:04AM Coal miner New Hope's first half profit has fallen 32 per cent and the company expects weak coal prices and the strong Australian dollar to reduce revenue in the second half. New Hope made a net profit of $68.8 million in the six months to January 31. It was down from $101.1 million in the same period the previous year, but that result was boosted by a one-off tax benefit. New Hope's pre-tax profit in the six months to January 2013 was $93.2 million, down 8.5 per cent from $101.8 in the previous corresponding period. The fall was due to lower coal export prices, weaker production and the strong Australian dollar, New Hope said. The company, which owns the Acland and West Moreton coal mines in southern Queensland, said it would maintain its focus on cost reductions in the coming months as those factors continue to impact its business. "The company anticipates that weak thermal coal markets and a resilient exchange rate will have a negative impact on revenue and margins in the second half of the 2013 financial year," New Hope said in a statement on Tuesday. It said it expected to produce between 5.8 million to 6.0 million tonnes of coal in the year to July 31, up from 5.6 million tonnes in the previous year. New Hope declared a fully-franked interim dividend of six cents per share.