Newcrest Mining Reports 84.7% Net Profit Growth
Newcrest Mining Ltd. achieved a substantial increase in its full-year net profit, rising 84.7% to A$248.1 million in the fiscal year 2009. This significant growth was largely driven by a soaring gold price, despite weaker copper prices. The Melbourne-based miner also announced a 7% increase in revenue to A$2.53 billion and a final dividend of 15 Australian cents a share, up from 10 cents in the previous year.
Key Takeaways:
- Newcrest Mining's full-year net profit rose 84.7% to A$248.1 million, surpassing market consensus of A$470 million.
- Underlying net profit fell 2.2% to A$483.1 million, while revenue increased 7% to A$2.53 billion.
- The company's gold production is expected to rise to between 1.81 million and 1.91 million ounces, while copper output is anticipated to fall to between 83,000 and 87,000 metric tons.
- Newcrest's total gold resource increased 13% to 80 million ounces, and copper resource rose 56% to 14.36 million tons.
- The miner's final dividend increased to 15 Australian cents a share, up from 10 cents in the previous year.
- The increases in gold and copper resources were primarily due to new discoveries at Cadia East in Australia and Waisoi in Fiji.
Statistics:
- Net profit increase: 84.7%
- Net profit (A$): 248.1 million
- Underlying net profit decrease: 2.2%
- Revenue increase: 7%
- Revenue (A$): 2.53 billion
- Gold production (expected): 1.81 million - 1.91 million ounces
- Copper output (expected): 83,000 - 87,000 metric tons
- Gold resource increase: 13%
- Copper resource increase: 56%
- Gold resource (A$): 80 million ounces
- Copper resource (metric tons): 14.36 million
- Final dividend (A$ per share): 15 cents
Sources:
- Dow Jones Commodities News via Comtex
- Dow Jones Newswires; Alex Wilson