Half year profit tumbles on St Barbara (ASX:SBM)

Company News

by Lauren Evans

St Barbara (ASX:SBM) posted its half year results for the six months ending December 31.

The gold miner’s statutory profit of $13.9 million dropped 62 per cent, while revenue dipped 9 per cent to $325 million, and EBITDA excluding significant items fell 32 per cent to $103 million.

The company said profit was lower due to a drop in contributions from Simberi and Atlantic, partly offset by both a higher contribution from Gwalia and the average gold price. St Barbara also saw an increase in labour costs over the last 12 months, related to the management of Covid-19 which included extended rosters, backfill  and higher remuneration demands.

The company did not declare an interim dividend.

“I’m pleased to present St Barbara’s strong results, which we’ve achieved in spite of several enduring headwinds, including those brought on by the Covid-19 pandemic," said chief executive officer Craig Jetson. 

"We now have all three assets in operation, are well progressed in the Scheme of Arrangement with Bardoc Gold and are laser focused on delivering to our upcoming pre-feasibility and feasibility study milestones.”

Shares in St Barbara (ASX:SBM) are trading 2.4 per cent lower at $1.40

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