Gold producer Newcrest Mining has posted a net loss of $5.78 billion amid a tax office investigation, an ASIC review and the threat of class action lawsuits over alleged insider trading.
Newcrest earnings missed analysts’ expectations by 5%. The 2012-13 result was its largest full-year loss since at least 1990, Fairfax Media reports.
The miner wrote down $6.23 billion in assets, a move that was foreshadowed in June.
It warned that it could face higher tax charges from Indonesia and Australia. The former country is reviewing Newcrest subsidiary PT Nusa Halmahera Minerals’ liabilities in 2008, 2010 and 2011, while the ATO is investigating Newcrest’s R&D claims in 2005-2011.
Newcrest said it not yet heard from Maurice Blackburn Lawyers and Slater & Gordon Lawyers about their plans to sue over alleged insider trading. It told investors that its finances would not be affected by the lawsuits nor a related ASIC investigation.
Shares are up 4.62% at $12.01 today. They were trading at over $25 this time last year.
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