Evolution Mining shares gain as HY results beat expectations
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More news: Evolution Mining shares were up 1.37% to $6.30 by 11:38am AEDT after its first-half net profit tripled to $365 million on the back of rising gold prices and higher production.
Citi analysts said the result was better than their above-consensus expectations and overall costs were $50 million better than estimated.
Evolution Mining delivers record profit; Klein to step down from executive role
The news: Gold and copper producer Evolution Mining has posted a jump in first-half profit and announced that its executive chair Jake Klein will move to a non-executive chair role.
The numbers: Net profit for the six months to December more than tripled to $365 million on the back of rising gold prices and higher production, while underlying profit was also more than double at $385 million.
It will pay an interim dividend of 7 cents a share, up from 2 cents a year ago.
The context: Evolution attributed the record earnings to the performance of its high-margin assets, with production at its flagship Cowal mine in NSW increasing by 25% during the period. The miner remains on track to deliver full-year guidance of 710,000 to 780,000 ounces of gold and 70,000 to 80,000 tonnes of copper.
Separately, Evolution announced founder and company chair Jake Klein will step down as executive chair after nearly 14 years in the role, and become non-executive chair on 1 July.
The sources: ASX announcement, ASX announcement, Citi research
