Net profit at Australian thermal coal miner New Hope Corp. Ltd. (NHC.AU) more than doubled during its 2011 financial year to A$503.1 million, as record exports and the sale of stakes in two companies boosted earnings despite a drop in headline revenue.

Ordinary revenues from New Hope's New Acland and West Moreton mines fell 11% in the year to July 31 to A$662.4 million from A$745.0 million, but the company made a A$329.4 million net profit from selling its stake in coal seam gas company Arrow Energy and a further A$40.4 million from the sale of a stake in the Lenton Project.

On the underlying basis preferred by equity analysts, profit slipped 20% to A$146.9 million from A$183.8 million the year before, which was also the figure last year for net profit.

New Hope declared a final divided of 5 cents a share, up from 4.5 cents last year, as well as a special dividend of 15 cents, against 14 cents last year.

The company--which will be Australia's largest listed pure-play coal miner if a current bid by Rio Tinto PLC (RIO) and Mitsubishi Corp. (8058.TO) to buy out minorities in Coal & Allied Industries Ltd. (CNA.AU) goes through--said it expects output of 6.0 million metric tons of coal in the 2012 financial year and hopes to double output in five to seven years.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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