Company Announcement: Northern Star Resources - Declares interim dividend as first-half profit soars 78% to $22.3m
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Northern Star Resources is pleased to announce that it has marked an excellent period for the Company with a 78 per cent increase in net profit after tax to $22.3 million for the six months to December 31, 2012. The outstanding result has enabled the Company to declare an interim dividend of 1c a share, fully-franked. This follows the full-year dividend of 2.5c, which was paid in September 2012. During the period the Company completed the Paulsens production upgrade to +100,000ozpa. This is expected to underpin an increase in operating cashflow to as much as $85 million this calendar year.
Northern Star Managing Director Bill Beament said the results reflected the Company’s commitment to shareholder returns and an emphasis on benchmarks other than just production growth and cash costs. “This is a great outcome for investors by virtually any metric they choose to measure it by,” Mr Beament said. “With a return on equity of 30 per cent and the declaration of another dividend, it shows that gold miners can generate more-than-acceptable returns.
“By having a relentless focus on productivity, which has increased 100 per cent in the past 18 months, and making financial performance our top priority, we have been able to generate strong results across all the key areas of exploration, production and cashflow. Chairman Chris Rowe said that with $62 million in cash, bullion and investments on hand as at December 31, 2012, the Board believed declaring an interim dividend was consistent with its policy of maximising total shareholder returns.
“Given the current outlook for our operations, Northern Star expects to be in a position to continue returning excess cash to shareholders,” Mr Rowe said.
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