Regis falls despite profit jump

Shares in the Perth-based gold miner dropped despite net profit doubling for 2012-13.

Shares in Regis Resources (RRL) have tumbled even though the gold miner doubled its net profit over that of the previous year.

The Perth-based miner's share price fell 6.8% to $3.73 at 1228 AEST despite reporting net profit after tax at $145.7 million in the year to June 30, up from $68.2 million in 2011-12.

Gold sales were even stronger, lifting 144% to $416 million for the period.

While the average sales price per ounce rose to $1,599 during 2012-13 from $1,574 in the previous period, higher costs at Regis's Moolart Well operation increased the cash cost of production by 10%.

Investors may have pulled away from the stock because Regis didn't make the final list in the New York Stock Exchange Arca gold miners index.

Further, the gold price has fallen 7.3% to $US1314.1 an ounce since hitting its three-month high in late August.  

Regis declared a fully-franked dividend of 15 cents a share.

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