Newcrest Mining Limited (ASX: NCM) has released its half year result to 31 December 2018.
Newcrest is the largest gold producer listed on the Australian Securities Exchange and one of the world’s largest gold mining companies. As of 2018, its major operations in New South Wales’ Cadia Valley, Telfer in Western Australia, Gosowong in Indonesia, and Lihir in Papua New Guinea (PNG).
Newcrest half year result
Newcrest reported that its revenue grew by 1% to $1.7 billion. EBITDA increased by 18% to $739 million (click here to learn what EBITDA is).
Underlying profit grew by 104% to $237 million and statutory profit increased by 142% to $237 million. Free cash flow also increased by 31% to $176 million whilst net debt declined 8% to $959 million.
This result was driven by gold production growing by 6% to 1.2 million ounces and Newcrest achieving a record low half-yearly Group All-In Sustaining Cost (AISC) of $747/oz, which was 13% lower.
The Newcrest interim dividend was unchanged from a fully franked US7.5 cents per share.
Newcrest CEO Sandeep Biwas said: “We safely increased production, lowered unit costs, doubled profit and significantly increased free cash flow to further reduce net debt, all in a period when gold and copper prices were lower.”
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).