Westgold Resources books strong results

Company News

by David Murdoch

Westgold Resources (ASX:WGX) has reported its net profit after tax (NPAT) rose about 177 per cent on FY16 to $15.7 million for the 2017 financial year.

In more good news for the West Australian Gold producer, its revenue also strengthened over the 2017 financial year, and lifted almost 44 per cent on FY16 to $437.1 million.

It is the company’s inaugural result as a separate publicly listed gold company and Westgold says the growth in revenue, cash flow and profits represents a maturing company.

The directors do not propose to pay any dividend for FY17. However, the board has elected to reward shareholders with a pro-rata 1 for five bonus option.

Shares in Westgold Resources (ASX:WGX) are trading 6 per cent higher to $1.91