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.