Northern Star climbs to record high as first-half profit surges 49%
Australia's Northern Star Resources reported a 49% surge in its first-half profit on Thursday, boosted by higher realised gold prices, sending its shares to a record high.
Shares of the company rose as much as 6.7% to an all-time high of A$30.16, and were among the top gainers in the benchmark index .AXJO, which was up 0.6% by 00:44 GMT.
Northern Star announced an interim dividend of 25 Australian cents, unchanged from the previous year.
The gold miner reported a 19% rise in half-year revenue to A$3.41-billion, driven by a 31% increase in its average realised gold price, despite lower sales volumes during the period.
Gold sales totalled 729 000 oz for the half year, down from 804 000 oz a year earlier.
The company also posted a non-cash impairment charge of A$77.6-million following its half-year review of the exploration portfolio.
The miner's cost of sales rose 9% in the reported period, driven by increased mining activity, higher crushing and maintenance expenses, and inflationary pressures on labour and contractor rates.
That brought its underlying net profit after tax to A$759.8-million ($541-million) for the half-year period ended December 31, compared with A$511.5-million a year earlier.
Last month, the miner lowered its fiscal year 2026 group production outlook to 1 600-1 700koz from 1 700-1 850koz, citing weaker gold sales across all three production centres in the December quarter.
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