Gold miner and explorer Kingsgate Consolidated Ltd
(ASX:KCN) has increased its annual earnings by 125 per cent, posting a net profit of $73.1 million in the year to 30 June.
Revenue from ordinary activities rose 54 per cent to $176 million.
The company says it treated more gold ore at similar grades to the prior year, and being unhedged, fully benefitted from the rise in spot gold price.
Kingsgate advises gold and silver revenue increased by $62 million over 2009.
An unfranked dividend of 20 cents per share has been declared.
Looking ahead, Kingsgate is forecasting annual gold production to be in the range of 120,000 to 130,000 ounces of gold.
Kingsgate Consolidated reported a profit of $32.52 million for the year to 30 June 2009, boosting the result to $73.1 million in fiscal 2010.
