Gold miner Ramelius increases net profit in FY23, declares dividend
West Australia-focused gold miner Ramelius Resources (ASX: RMS) today announced gold production of 240,996 ounces for the financial year ended 30 June 2023 (FY23), compared to 258,625 ounces in FY22.
The company also reported statutory net profit after tax of A$61.6M (FY22: A$12.4M), up 396%, and underlying net profit after tax of A$75.3M (FY22: A$73.0M), up 3%.
Ramelius said that its net profit after tax improved nearly five times in FY23 due in part to lower non-cash impairments made to the Edna May cash-generating-unit last year.
The company added that “strong earnings and cash flows” have enabled its Board to declare a fully franked dividend of 2.0 cent per share, based on the formal dividend policy.
“Our business is in a very strong operational and financial position with our suite of assets, particularly at our flagship Mt Magnet operation,” Ramelius said in a statement.
“While FY24 continues to present some uncertainty in terms of local and global inflationary pressures, we expect both our production centres to generate positive operating cashflows,” it added.
The company’s production guidance for FY24 is set at 250,000 to 275,000 ounces.
Ramelius Resources is a Western Australian gold producer that owns and operates the Mt Magnet, Edna May, Marda, Tampia and Penny gold mines.
Source: https://www.kitco.com/