Australian gold mining company Northern Star's profit for this financial year ending June 30 increased 29% year over year to nearly $585 million, according to its financial results released on Thursday.
The company earned around $452 million during the fiscal year of 2022.
This increase in statutory profit after tax was primarily due to the reversal of a $437 million write-down on sub-grade ore stockpiles at Kalgoorlie Consolidated Gold Mines (KCGM), a subsidiary of Northern Star Resources that operates the Super Pit gold mine in Kalgoorlie, Western Australia.
This gain was partially offset by a prior-period gain of $298 million on the sale of Kundana, Paulsens and Western Tanami gold assets, the company explained.
Northern Star posted around $4.1 billion in total revenue for the financial year to June 30, up 9% from about $3.8 billion during the financial period last year.
This was primarily driven by an 8% increase in average realized gold prices of $2,639 per ounce, equivalent to $2,433 per ounce for the financial year of 2022.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr