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Northern Star boosts dividend 33% as FY'16 net profit surges 65%

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Northern Star boosts dividend 33% as FY'16 net profit surges 65%

Northern StarResources Ltd. said July 26 that its fiscal 2016 net profit aftertax rose 65% year over year to a record A$151.4 million, or 25.2 cents pershare, on the back of strong gold sales.

The company's full-year EBITDA was reported at A$401.3million, up 27% from the prior year. Meanwhile, revenue was up 5% to A$887.4million.

However, the ASX-listed producer's fiscal 2016 gold outputfell 2% to 611,288 ounces, with sales falling by 3% to 561,153 ounces, but atan all-in sustaining cost of A$1,041 per ounce, down from A$1,065 per ounce inthe previous year.

The company's underlying free cash flow was up 21% to arecord A$224.3 million for the year ended June 30.

Following strong operational and financial performance,Northern Star boosted its final dividend by 33% to 4 cents per share, liftingthe full-year payout to 7 cents per share from 5 cents per share.

Northern Star Managing Director Bill Beament said that thecompany has managed to exceed or meet all of its key objectives this year.