Reports Strong Revenue and Gold Production For The Half Year
Perth, Mar 15, 2012 AEST (ABN Newswire) - Focus Minerals Ltd (
ASX:FML), a leading Australian gold producer and explorer, is pleased to report a strong result for the half year ended 31 December 2011.
Highlights:
- Total 1H gold production more than doubles to 80,921oz(1*) (69,858oz attributable to Focus), up from 36,339oz in the previous corresponding period
- Consolidated Revenue for 1H 2012 of $104.5M, 113% up from $48.8m for 1H 2011
- Net Operating cash flow up 67% to $21.3M
- Consolidated 1H Net Profit After Tax of $5.9M excluding non-recurring costs Focus' operations on target for gold production of circa 175,000oz(2*) for full financial year
Significantly, gold production for the half year increased by 122% to 80,921oz (69,858oz attributable to Focus) and operating cash flow increased 132% to $29.5 million. This production increase was driven by the ramp-up of operations at Coolgardie and the addition of the Laverton Gold Project, driving a substantial increase in revenue, up 113% to $104.5 million.
Focus' consolidated net profit after tax for the half was $5.9 million, excluding non-recurring costs of $3.5 million. With the inclusion of these non-recurring costs, reported net profit after tax was $2.4 million.
--------------------------------------------------------------------Consolidated Results Summary 1H 2012(3*) 1H 2011 % Change--------------------------------------------------------------------Gold produced 69,858 ozs 36,339 ozs 92% -------------------------------------Revenue $104.5M $48.8M 113% -------------------------------------Operating Margin $22.8M $16.2M 41%EBITDA $14.0M $14.6M (4)%Normalised NPAT $5.9M $6.2M (5)%Non recurring costs -Takeover costs $(3.5)M - -Net Profit After Tax (NPAT) $2.4M $6.2M (62)% -------------------------------------Net Operating cash flow $21.3 $12.7M 67%--------------------------------------------------------------------
"This is an excellent result and clearly shows the underlying transformational change that is being achieved by Focus Minerals," said Focus Chief Executive Campbell Baird.
"Our acquisition of the Laverton Gold Project through the first half and expansion of our operations in Coolgardie has laid the foundations for strong growth."
"Since we took over the Laverton operations in October 2011 we have started driving a considerable turn-around. We have developed three new sources of ore, are delivering on our production guidance and are focussed on improving operational efficiencies and stability.
"At our existing Coolgardie operations we are focused on driving stability and consistency in our operations. We have developed two new mines in the region through this period which are steadily ramping up.
"All up these developments have us on path to more than double our gold production for FY 12 and considerably increase our operating cash flow generation."
(1*) Includes 100% of production at the Laverton Gold Project. 69,858oz were attributable for the period.
(2*) Based on 100% of production at the Laverton Gold Project.
(3*) Includes contribution of Crescent Gold @ 81.57% holding from 5 October 2011.
To view the Focus Minerals Half Year Report including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-FML-582232.pdf
About Focus Minerals Ltd
With over 3.8Moz of Mineral Resource, Focus Minerals Limited (ASX:FML) has a highly strategic portfolio of assets across Australia's two leading gold producing districts – the Kalgoorlie/Coolgardie belt and Laverton – and the financial muscle to continue to unlock further potential for growth.
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