Sandfire’s profit grew 59% on the back of copper price gains

  • Aug 30, 2018 AEST
  • Team Kalkine
Sandfire’s profit grew 59% on the back of copper price gains

Sandfire Resources (ASX: SFR) NL today announced annual results for the 12 months to 30 June 2018. Net profit after tax attributable to members massively increased by 59% to $123.0 million, driven by high copper price and strong margins at DeGrussa Copper-Gold Mine.

The group has reported record sales revenue and price gains of $606.7 million resulting from copper price adjustment gains as well as increase of 14% in revenue. The record result of the mining and exploration company was underpinned by strong production at DeGrussa including 64,918 tonnes of copper and 39,273 ounces of gold at a C1 cost of US$0.93/lb.

Directors have announced a final dividend of 19 cents per share, fully franked, payable on 25 September 2018. This takes total FY18 dividend to fully franked 27 cps from 18 cps in FY17. Earnings per share was 77.85 cps in FY 18 compared to 49.16 cps in prior year.

On FY19 outlook company expects copper production to range between 63,000-67,000 tonne and gold production is expected to be within 37,000-40,000 ounce at a C1 cash cost of US$1.00-1.05/lb.

The announcement of record results led Sandfire’s stock to surge up by 8.55% to $7.740 on 30 August 2018 (4:32 PM AEST)

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