New Hope Corporation Ltd is evaluating options to increase coal output, including re-opening an old mine, to take advantage of higher export prices that helped to underpin a rise in profit in 2007/08.

    The coal miner posted a 30.8 per cent increase in profit during the 12 months to July 31, to $90.68 million, after an increase in coal output, sales and prices.

    The result was in line with guidance provided in August of an expected profit range of between $88 million and $91 million.

    Coal prices have risen over the past five years on infrastructure constraints on the east coast of Australia and increased demand from China.

    New Hope has re-started mining at its Jeebropilly mine, which the company closed in 2007, and is evaluating mining remnant coal at its New Oakleigh mine to take advantage of the high export prices.

    "While the known coal reserves at our New Oakleigh mine near Ipswich are likely to be exhausted in 2009, the current high export coal prices may make it economical to mine any remnant coal currently being evaluated, even with high operating costs," chairman Robert Millner said in a statement.

    "These are low risk projects that allow New Hope to take further advantage of the current export demand for coal."New Hope has forecast a ten per cent increase in output this year to 4.9 million tonnes, up from 4.451 million tonnes last year.

    Revenue during the 12 months to July 31 climbed 32.6 per cent to $329.79 million.

    New Hope supplies thermal coal - used as fuel for power stations - to a range of domestic and export customers.

    The company completed the sale of its New Saraji coal project to the BHP Billiton Mitsubishi Alliance (BMA) for $2.45 billion earlier this month.

    New Hope, which is 61.3 per cent owned by diversified group Washington H. Soul Pattinson, declared a final dividend of 3.5 cents per share and a special dividend of eight cents per share.