Record FY profit and output for Northern Star

Gold miner lifts gold production, output and net profit to record levels for 2012-13.

Northern Star has reported record output and profit for 2012-13 as it continues to ramp up production at its flagship Paulsens gold mine.

In its June quarterly report to the Australian Securities Exchange, the gold miner said net profit after tax for the full year was $27 million, up 30% from the previous corresponding period.

Analysts were on average forecasting $26.2 million, according to Bloomberg.

The company produced 25,421 ounces of gold in the quarter, lifting total production for the year to 88,614 ounces – a 32% boost from 2011-12.

All-in sustaining costs for the period were $1,016 an ounce, pushed up over the June quarter from the lower gold price on the value of the ore stockpile (see Tim Treadgold's Losing its lustre). The group expects the costs to remain flat at around $1,000 an ounce during 2013-14.

The miner now has $61 million in cash, bullion and investments.

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