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New Hope upbeat about coal outlook

New Hope has dropped into the red with a full year loss of $21.8 million, but boss Shane Stephan says the long-term outlook for high-quality Australian coal remains positive.

More than $73 million in impairment and other charges dragged New Hope into the red for the year to July 31, compared to a $58.45 million profit the previous year.

Excluding the charges, which related to its coal and oil assets, net profit rose 24.7 per cent to $51.75 million.

Mr Stephan said that while a recovery in global coal prices is likely to be gradual and some time away, the longer-term outlook remained positive.