Gold producer Newcrest Mining Ltd
(ASX:NCM) has reported a 14% rise in first-half profit to $176.2 million, on the back of higher gold prices and lower sales costs.
Underlying profit for the half-year rose 10% to $266.6 million, despite gold revenue falling 8% to $882.3 million.
Group gold production dropped 6% due to the planned reduction in grades and associated recoveries at both the Cadia Valley mines and Gosowong.
The company has declared an interim unfranked dividend of 5 cents per share. Newcrest Mining’s profit for the 2009 financial year was $248 million.
