Shares in Ramelius Resources Limited
(ASX:RMS) have risen in morning trade after the gold miner said its year on year profit should rise by more than 300 per cent.
The company says its full year unaudited profit before income tax is expected to be around $90 million, compared to $28.7 million achieved the year before.
The forecast improvement in profitability was driven by higher production from the company’s wholly owned Wattle Dam gold mine in Western Australian and stronger gold prices.
Shares in Ramelius Resources were 3.18 per cent higher this morning, trading at $1.46.
In the 2010 financial year Ramelius Resources reported a net profit of $32.3 million.
