Newcrest Mining: Result 2013

A poor result was roundly expected and delivered but, as Gaurav Sodhi explains, it had surprisingly little to do with the gold price.

Newcrest Mining announced what will likely be the single largest loss during reporting season. For the 12 months to June 30, Australia’s largest gold producer announced a statutory loss of $5.8bn compared to a profit of $1.1bn last year. The largest contributor to the fall was, of course, the well flagged $6.2bn write-off announced a few months back. On an underlying basis, net profit fell 58% to $451m, or $0.59 per share. No dividend was declared.

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