By Australian gold producer, Evolution Mining, announced a 4% decrease in net profit for the first half of the financial year. However, the company reported an increase in underlying earnings as a result of higher gold sales and improved prices.
During the six-month period ending in December, Evolution Mining recorded a net profit of 96.9 million Australian dollars (US$62.5 million), a slight decline from the previous year’s figure of A$100.9 million. Nevertheless, underlying earnings before interest, taxes, depreciation, and amortization surged by 28% to A$572.6 million. Additionally, the company saw an expansion in profit margins from 39% to 43%.
Lawrie Conway, the Chief Executive of Evolution Mining, commented, “The first half of FY 2024 marked a return to net cash generation for Evolution, highlighting the positive impact of our investments in growth projects over the past few years.” He further stated that this momentum would lead to increased cash flows in the second half of FY 2024 and beyond.
Despite the slight decrease in net profit, Evolution Mining remained committed to providing value to its shareholders. The board of directors approved an interim dividend of 2 Australian cents per share, maintaining consistency with last year’s midyear payout.
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