Newcrest: Interim result 2013

High gold prices offer no salvation for the largest gold miner in the land.

Even as the gold price stayed well above $1,600 an ounce, Newcrest Mining announced sharply lower half year profits. Gold production fell 18% to 950,000 ounces, reducing revenue 23% to $1.8bn. Net profit after tax fell 51% to $320m, translating to earnings per share of 42c, down 51%. Directors declared an unfranked interim dividend of 12c per share (est. ex-date 26 Mar), unchanged from last year.

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