Evolution Mining has lifted full-year profit 21 per cent to $263.4 million, helped by the sale of its Edna May gold mine in Western Australia for $90 million.
Revenue for the 12 months to June 30 rose 4 per cent to $1.54 billion, due to the strong performance of its Ernest Henry mine in Queensland and the sale of the Edna May gold mine to smaller rival Ramelius Resources.
Evolution’s executive chairman Jake Klein said despite gold production decreasing by 5 per cent to 801,187 ounces, the company achieved record results.
“Evolution achieved records on almost every other metric which is the result of prioritising profitability over production and focusing on high quality, low cost, long life assets,” he said in a statement on Friday.
The company said productivity improvements and cost efficiencies helped it deliver 12 per cent fall in average all-in sustaining costs to a record low of $797 per ounce.
Top Australian Brokers
- eToro - market-leading social trading platform - Read our review
- IG - Extensive product array and user-friendly platforms - Read our review
- IC Markets - experienced and highly regulated - Read our review
- Avatrade - powerful trading tools - Read our review
For the 2018/19 financial year, Evolution is forecasting lower gold production at 720,000-770,000 ounces, whilecosts are likely to be higher, in the range of $850-900.
The company has declared a fully-franked final dividend of 4.0 cents per share, up from three cents a year ago.
By 1035 AEST, Evolution shares were down 2.1 per cent to $2.79 in a subdued Australian market.
EVOLUTION LIFTS FULL YEAR PROFIT
* Net profit up 21pct to 263.4$m
* Revenue up 4pct to $1.54b
* Final dividend up 1.0 cent to 4.0 cents/share, fully franked
