Norton's profits drop in first half
PERTH (miningweekly.com) – ASX-listed Norton Gold Fields has reported a 76% drop in its net profit after tax for the half-year ended June.
Net profit after tax for the six months to June was recorded at A$773 000, compared with the A$3.1-million reported in the previous corresponding period, with Norton blaming a deferred income tax benefit, lower financing costs and settling of the hedge book in the previous corresponding period, which was offset by an unrealised foreign exchange loss on borrowing in the current period.
Revenue for the half year reached A$126.5-million during the half-year, down A$383 000 compared with the previous corresponding period, owing to the lower average gold price.
Norton noted that the lower gold price was largely offset by higher gold shipments during the period.
During the six months to June, Norton produced a record 85 517 oz of gold, beating its guidance of between 76 000 oz and 80 000 oz. The miner has also upped its production forecast by 9%, with full-year guidance placed at between 163 000 oz and 167 000 oz.
Gross profit for the six months under review reached A$13.8-million, down A$9.2-million on the previous corresponding period owing to the lower gold price. This, Norton said, was also offset by the increased production.
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