NEWCREST RESULTS: Profit up 400%

Loading gold and copper concentrate in Western Australia. Image: Newcrest Mining.

Gold and copper miner Newcrest lifted statutory net profit 400% to $200 million in the six months to the end of December but underlying earnings were flat.

The result, below analyst expectations of $211 million, was mainly due to expenses in the corresponding period associated with a voluntary tax amendment and write downs of West African exploration assets.

Underlying profit of $200 million was down 3% on the corresponding period of $207 million.

Sales revenue was flat at $2.016 billion.

However, all operations are generating positive free cash flow following tight cost controls.

For the six months, copper production of 50,300 tonnes was 19% higher but gold at 1,139 ounces was 6% lower.

Newcrest has $128 million in cash at the bank and $2.182 billion in undrawn finance facilities.

Last financial year Newcrest posted a $2.2 billion net loss after asset write downs. However, the company was able to maintain underlying profit of $432 million for the full 12 months.

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