Regis Resources write-downs to hit FY result

Company News

Shares in Regis Resources Limited (ASX:RRL) have dropped in early trade after warning write-downs will hit its annual net profit. 

The gold miner has flagged impairment charge of between $230 to $280 million for the 2014 financial year. 

The write-downs relate to the Garden Well and Rosemont operations, McPhillamys Gold Project and regional exploration expenditure at the Duketon project. 

Regis Resources has forecast an unaudited net profit of $79 million for the 2014 financial year, down from $201 million the prior year. 
 
However, this guidance excludes the estimated impairment charge which if included would push the company to a full year net loss when it releases results in September.  
 
Regis Resources reported a net profit of $45.69 million in the first half of the 2014 financial year.

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