Northern Star Resources Ltd.'s net profit after tax slid 7% year over year to A$79.1 million in the first half of fiscal 2018, according to a Feb. 20 release.
The company attributed the decline to reduced activity at its Paulsens gold mine in Western Australia.
Revenue from continuing operations rose 14% to A$435.3 million in the first half, with gold sales in the period totaling 267,278 ounces at an average price of A$1,678 per ounce with all-in sustaining costs at A$1,043/oz.
The company noted that it remains on track to meet its fiscal 2018 guidance of between 525,000 and 575,000 ounces of gold at AISC of between A$1,000/oz and A$1,050/oz.
In the six-month period, Northern Star invested A$56 million in exploration and development in order to boost its annual gold production rate to 600,000 ounces in this calendar year.
"We will continue to accelerate this growth program, with a further A$25.4 million of exploration and development capital to be brought forward from future years into the current half," said Bill Beament, executive chairman of the company.
In fiscal 2018, the company will invest a total of about A$130.4 million in growth capital.
In line with the new capital management policy, the company lifted its interim dividend by 50% to 4.5 cents per share fully franked. The dividend is payable April 13 to shareholders on record as of March 28.