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Saracen Mineral posts 24% YOY increase in H1'18 gold output

Saracen Mineral Holdings Ltd.'s gold production rose 24% year over year to a record 157,795 ounces in the first half of its fiscal 2018.

Sales revenue in the period grew 32% year over year to A$245.6 million from sales of 154,119 ounces of gold, up from A$186.6 million and 119,550 ounces in the year-ago period.

Meanwhile, the company's net profit after tax soared by 209% to A$46.0 million, from A$14.9 million in the first half of fiscal 2017. Saracen said Feb. 20 that the strong performance was driven by its investments in exploration and development, with A$37.6 million spent on growth capital and exploration in the first fiscal half.

The company added that its strong balance sheet supports the ongoing aggressive exploration campaign to grow its reserve base to 2.1 million ounces and increase production to 300,000 ounces per annum.