Newcrest Mining Ltd Splendid net profit growth
Splendid net profit growth: Newcrest Mining Ltd (ASX: NCM) reported 1H FY17 solid statutory profit of US$187 million and underlying profit of US$273 million, which has increased 131% and 333%, respectively, over prior corresponding period. The rise in profit was due to $62 million on account of gold and copper sales volume, $201 million due to gold and copper price increase. Revenues were higher by 17% to US$1,807 million. The company has reported a low AISC of $770/oz. The free cash flow was at $258 million and the leverage ratio improved to 1.3x. Newcrest Mining announced a dividend of US7.5 cents per share. The net debt was reduced by $194 million to $1.9 billion as on December 2016. NCM reported 1.23 moz of production and achieved a target rate of 13 mtpa for December quarter. The company has set a new target of 14 mtpa by December 2017.
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