What made Gold Road Resources (ASX:GOR) slash dividend

2 min read | March 28, 2022 09:44 AM AEDT | By Ashish

Google News:

What made Gold Road Resources (ASX:GOR) slash dividend — Image source: © Theohudayanto | Megapixl.com

Recent News

ASX Technology Leaders on ASX 200 Revenue and Scale

Can Hidden ASX Names Become Tomorrow’s Market Leaders?

How Are ASX 300 Gold Miners Responding to Record Gold?

ASX Gold Mining Outlook on ASX 100 Costs and Cash Flow

Make Kalkine Media
My Trusted Source

Highlights

Gold Road’s board announced a final fully franked dividend of 0.5 cents per share, down from 1 cent a share declared a year ago.

The company’s revenue from gold sales dipped 19.9% to AU$274.8 million.

The company closed the year in a strong position with cash and short-term deposits at AU$131.5 million.

Gold Road Resources Ltd (ASX:GOR) on Monday announced a cut in its final dividend after the gold mining firm reported a decline in its net profit for 2021 due to issues related with performance. Gold Road’s board announced a final fully franked dividend of 0.5 cents per share, down from 1 cent a share declared a year ago.

The company’s revenue from gold sales dipped 19.9% to AU$274.8 million while the earnings before interest, depreciation and ammortisation (EBITDA) slipped 50.4% to AU$120.2 million. The net profit declined 44% to AU$36.8 million.

Gold sales dropped marginally to 124,335 ounces while the average realised gold price fell to AU$2210 an ounce from AU$2330 an ounce.

The company closed the year in a strong position with cash and short-term deposits at AU$131.5 million, against AU$126.4 million in 2020.

Commenting on the development, Gold Road’s Managing Director and Chief Executive Officer (CEO) Duncan Gibbs said, “The year 2021 saw a significant increase in attributable reserves and resources, and positive progress from our exploration efforts at Yamarna.”

Gold Road’s share price snapshot

Gold Road’s share price has risen over 7% year-to-date (YTD). In the past year, the stock has climbed nearly 45%. The stock is up over 10% in the past month.

Meanwhile, gold prices have risen in the past few weeks on account of ongoing Russia-Ukraine conflict. Gold was on course to gain for the last week as concerns over the war in Ukraine and rising prices boosted its appeal as a safe-haven and an inflation hedge, but prices eased on Friday as US Treasury yields reached new highs.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.