PERTH (miningweekly.com) – ASX-listed gold miner Regis Resources has reported record gold production of 363 418 oz for the 2019 financial year, contributing to a solid full-year result.
Net profit after tax for the year ended June reached A$163.1-million, which was down from the A$174.3-million reported in the previous financial year.
Regis on Monday said that the net profit after tax figure for the full year was down 6% on the back of a non-cash impairment related to expenditure, as well as the increased costs of goods sold.
Gold sales increased from 359 750 oz in 2018, to 369 721 oz in 2019, while revenues reached A$654.8-million and earnings before interest, taxes, depreciation and amortisation reached A$306.8-million.
“Regis Resources has delivered record production for 2019, which translated into a strong profit after tax of A$163.1-million, a net profit margin of 25% and operating cash flows of A$275.5-million,” said MD Jim Beyer on Monday.
“This robust performance has allowed Regis to again provide returns to shareholders, while also deploying significant capital towards the development of new and existing satellite ore sources for future growth.”
Beyer said that the development of the Rosemont underground project, which started this year, was on schedule, with Regis having made significant progress at the McPhillamy’s project, in New South Wales, and with the lodgment of the development application and the environmental impact statement.