Regis more than doubles dividend, lifts net profit 29pc
Gold producer Regis Resources has lifted annual profit 29pc and repaid all outstanding debt.
Gold producer Regis Resources has more than doubled its annual dividend, after revenue rose due to higher gold prices and management repaid all outstanding debt.
Regis (RRL), which mines gold in Western Australia, said its annual net profit rose 29 per cent to $111.8 million, from $86.9 million a year ago.
The result also reflected a 6.7 per cent on-year fall in all-in costs at its flagship Duketon operation to $927 a troy ounce of gold.
Directors declared a final dividend of nine cents a share. That brought the Perth-based company’s full-year dividend to 13 cents a share, up from six cents in the 2015 financial year.
“The robust cash operating margin has seen cash on the balance sheet build and has underpinned the payment of 13 cents per share in dividends for the year,” managing director Mark Clark said. “It is also exciting that our organic growth strategies are delivering opportunities to increase reserves and a higher medium term production outlook.”
Regis said its cash and gold bullion holdings rose to $122.3 million at the end of June, from $64.5 million a year earlier. The increase was achieved even as management repaid $20 million of bank debt and made $50 million in dividend payments.
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