Sunday, gold and copper miner Newcrest Mining Ltd. (NCMGY.PK) reported a 85% surge in statutory profit for fiscal 2009 as revenues increased. However, underlying earnings declined 2% when compared with the previous year.
Statutory profit for fiscal 2009 rose to A$248.1 million for fiscal 2009 from $134.3 million in fiscal 2008. Underlying profit declined 2% to A$483.1 million from A$493.9 million in the previous year.
Revenues increased to A$2.53 billion from A$2.36 billion in the previous year. Gold revenue increased 18% to A$1.9 billion from A$1.6 billion in the previous year. Copper revenue declined 18% to A$593 million from A$721 million last year.
Gold sales declined to 1, 637 million ounces from 1,765 million ounces in fiscal 2008. Copper sales increased 11% to 93 thousands tons from 84 thousands tons last year.
Cash flow from operations increased to $1.024 billion from $1.018 billion in the previous year. Dividends increased to 15 cents per share from 10 cents per share in the previous year.
Looking ahead, for fiscal 2010, gold production is going to be in the range of 1.81 million to 1.91 million ounces compared with 2009 actual productions of 1.63 million ounces. In 2010, during the first and second quarter gold production is expected to increase 22% and 24% respectively. In the third quarter production is anticipated to grow 25% and during the fourth quarter the company expects a 29% increase in gold production. Gold production is expected to increase 40% over 5 years
Copper production is expected to be in the range of 83 thousands to 87 thousands tons in 2010 compared with actual production of about 90 thousands tons in 2009. Copper production is anticipated to increase by 30% over the next five years.
Capital expenditure is expected to be in A$805 million - A$855 million range for 2010.
NCMGY.PK declined $0.63 or 2.54% and closed Friday's regular trading at $24.13
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