Evolution Mining shares fall on mixed half-year results
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The news: Shares in Evolution Mining dipped 3% in early trading on the ASX, after the gold miner reported lower year-on-year profit.
The numbers: The group reported a lower statutory net profit of $97 million during the first half of the financial year, down from $101 million in the previous corresponding period.
However, underlying profit increased 53% from $103 million to $158 million for the half, while underlying earnings climbed from $446 million to $573 million. The Sydney-based miner declared an interim dividend of 2 cents per share, fully franked, consistent with 1H23.
Evolution shares were down 3% to $2.94 at 11:45am AEDT.
The context: Evolution currently wholly-owns five mines across Australia and Canada, and holds an 80% stake of NSW copper-gold mine Northparkes, which it acquired in a deal worth up to $718 million in December.
Commenting on the half-year results, Jarden analysts said Evolution "appears hard pressed" to meet its full-year guidance of producing 789,000 ounces of gold.
Evolution produced just 319,377 ounces during the first half and would need to deliver a record 460,000 in the six months to June to meet its guidance.
The source: ASX announcement
