Ramelius Resources Limited (ASX: RMS)- Ramelius declared higher profit on record gold production

  • Aug 30, 2018 AEST
  • Team Kalkine
Ramelius Resources Limited (ASX: RMS)- Ramelius declared higher profit on record gold production

Ramelius Resources net profit after tax increased 74% to $30.8 million on record production of 208,118 ounces of gold, up 66% on FY17, for the full year ended 30 June 2018.

The group reported stand-out performance for the full year posting 73% growth in sales revenue after receiving significant contribution of $15.8 million from the newly acquired Edna May gold mine. EBITDA grew 50% to $127.0 million with the increase driven by the acquisition of Edna May, higher realized gold prices and lower operating cost.

The net cash from operations for the year was $118.9 million compared to $83.4 million in FY2017. As at 30 June 2018 the cash and gold bullion on hand was $95.5 million compared to $89.9 million in previous corresponding period.

No dividends were paid in, or proposed for, the year ended 30 June 2018. In FY19 guidance the gold miner expects gold production of 200-220,000 koz at an AISC of $1,150-$1,250 per oz.

On the announcement of record production, RMS jumped 5.376% to $0.490 on 30 August 2018.

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