Newcrest full-year profit dips

The news: Australia’s top gold miner Newcrest has posted a fall in full-year profit, but the number still beat analyst expectations.

The numbers: Net profit for the year to 30 June was down 11% to $US778 million ($1.19 billion) but ahead of analyst expectations of $US735 million. Revenue was up 7% to $US4.51 billion, with the company benefiting from the rise in gold prices during the year. It will pay a final dividend of 20 US cents a share, and another special dividend of $US1.10 if its takeover is approved by shareholders.

The context: Newcrest missed its production forecast in FY23 due to weak performance at two of its biggest mines, but this was partly offset by better prices. Earlier this year, the Australian gold miner finalised its takeover by bigger global rival Newmont Mining in a $26 billion deal, which is yet to be approved by shareholders.