Pacific operations bring St Barbara profits down
PERTH (miningweekly.com) - ASX-listed St Barbara saw its net profits after tax decline by some 84% during the six months to December as it worked to integrate the Allied Gold Mining assets into its own portfolio.
Net profit after tax reached A$2.5-million during the interim period, compared with the A$46.5-million reported in the previous corresponding period.
St Barbara noted that underlying net profit after tax was A$17.2-million, compared with the A$49.4-million in the first half of 2012, excluding the change to account for the Southern Cross operation as a discontinued operation, and the once-off charge of A$16.4-million for acquisition transaction and integration costs.
Costs associated with the acquisition of Allied Gold amounted to more than A$7.7-million, while the integration programme cost St Barbara some A$4-million during the interim period. In addition, a redundancy cost associated with the integration of the two companies also amounted to more than A$2.1-million in the period under review.
Meanwhile, St Barbara reported that total sales revenue for the interim period amounted to A$227.5-million from its Australian operations, compared with the A$249.3-million generated in the first half of last year, as gold sales reached 139 958 oz.
The Pacific operations delivered a further A$58.2-million in revenue from the sale of some 34 561 oz of gold.
Consolidated gold production during the half year increased by 11% to 170 421 oz.
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