Whitehaven posts profit in strong turnaround

Australian coal miner Whitehaven is positive about the medium- and long-term outlook for coal, particularly high-quality coal, MD and CEO Paul Flynn said on Thursday, as he reported on the company’s 2016 financial year-end results. The ASX-listed coal miner, which owns mines in New South Wales’ Gunnedah basin, reported net profit after tax of $20.5-million for the year ended June 30, which is a strong turnaround from the prior year loss of $342.7-million after significant items.