Newcrest's shares soar on improved profits

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

Newcrest Mining has posted a better than expected 19% rise in underlying full year profit to $515 million.

CEO Sandeep Biswas says Newcrest’s improved financial position provides a platform for future growth.

The gold and copper miner’s results for the previous year were marked by write downs and large losses.

Gold production in the 2015 financial year was 1% higher at 2.423 million ounces and copper was up 12% to 96.8 thousand tonnes.

US dollar net debt was cut by 22% to $US2.89 billion ($AU3.76 billion).

A 4% fall in the gold price and 8% fall in the price of copper were offset by a 9% weakening of the Australian dollar against the US dollar.

The company didn’t declare a dividend.

Newcrest’s shares were up 4.66% to $11.46.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.