St Barbara Ltd. on Aug. 21 reported a 36% drop in fiscal 2019 net profit to A$144.2 million from A$227.0 million the year before amid lower production from the Gwalia mine, part of its Leonora gold operations in Western Australia.
The company had reported a drop in full-year gold output to 362,346 ounces from 403,089 ounces as mining in Gwalia experienced limited ventilation and construction activities peaked at the Gwalia extension project, partially offset by record production from the Simberi mine in Papua New Guinea. Gwalia and Simberi are expected to produce 310,000 to 335,000 ounces of gold in fiscal 2020 at all-in sustaining costs of A$1,250 per ounce to A$1,350/oz.
The financial results also included A$3.9 million in costs related to the company's C$722 million acquisition of Atlantic Gold Corp. and A$6.3 million in deferred tax assets associated with Simberi.
The company declared a final fully franked dividend of 4 Australian cents per share payable Sept. 25, putting the full-year total to 8 cents per share, a 33% decrease from the prior year's 12 cents per share.
