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Evolution Mining boosts dividend even as FY'19 earnings fall 17% YOY

Evolution Mining Ltd. said Aug. 15 that it will distribute an increased dividend based on a new policy of paying out half of its free cash flow, despite posting a 17% yearly fall in fiscal 2019 profit to A$218.2 million, or 12.8 Australian cents per share.

The dividend will be 50% higher than the previous year at 6 cents per share fully franked, payable Sept. 27.

Sales revenue for the year ended June 30 totaled A$1.51 billion, a 2% fall from the prior year, as gold production slipped 6% to 753,001 ounces. Excluding depreciation, amortization and fair-value adjustments of A$398.5 million, group operating costs increased to A$736.0 million, from A$705.5 million in the previous year, as all-in sustaining costs grew 16% on a yearly basis to A$924 per ounce.

EBITDA fell 8% to A$730.3 million, while operating mine cash flow fell 5% to A$771.5 million.

Capital expenditure for the full year totaled A$273.6 million, with A$93.2 million allocated to sustaining capex and A$180.4 million to major capex.

Bank debt as of June-end fell to A$300.0 million, from A$395.0 million a year ago.

Evolution reiterated its group gold production outlook for its fiscal 2020 of between 725,000 and 775,000 ounces, in line with its three-year outlook. All-in sustaining costs are projected at between A$890/oz and A$940/oz, about 5% higher than it estimated prior to the operational update in July.