Genesis Minerals doubles half-year profit, tracks upgraded guidance
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The news: Genesis Minerals more than doubled its first-half profit, boosted by the early re-start of its Laverton Mill in October.
The numbers: Genesis recorded profit after tax of $59.8 million, marking a 161% improvement on the prior corresponding period. The total was at the midpoint of its guided range of $55 million to $65 million.
Sales revenue rose 57% year on year to $338.7 million, bolstered by a 31% increase in the average realised gold price to $3,909 per ounce.
The company said that half-year gold production of 93,075 ounces at an all-in sustaining cost (AISC) of $2,383 per ounce leaves it on track to meet its upgraded full-year guidance of 190,000 to 210,000 ounces at an AISC of $2,200 to $2,400 per ounce.
Genesis shares were up 2% to $3.26 at 3:30pm AEDT, having more than doubled over the last 12 months.
The context: Genesis partly attributed the result to the restart of its Laverton Mill in Western Australia, which took place six months earlier than previously expected.
It also said it was boosted by first stope production at its Ulysses underground mine and the commencement of mining by Genesis Mining Services — the company's in-house mining services provider — at its new Hub open pit operation.
The source: ASX announcement
