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Independence Group fiscal H1'18 net profit drops on impairments

Independence Group NL's net profit attributable to shareholders in the first half of its fiscal 2018 dropped 84% to A$3.2 million, or 54 Australian cents per share, from A$20.2 million, or A$3.51 per share, a year ago.

The company kept the interim dividend for the period ended December 2017 unchanged at 1 cent per share, according to the Feb. 20 statement.

Revenue in the six months surged 59% year over year to A$354.8 million, mainly because revenues of A$124.8 million from the Nova nickel mine in Western Australia were included after commercial production was declared as of July 1, 2017.

The company realized a depreciation and amortization expense of A$123 million in the half, including a A$69.9 million charge on the Nova mine, compared to A$47.9 million a year earlier.

Mining, development and processing costs increased to A$122.9 million, from A$76.4 million in the first half of fiscal 2017.

Operating cash flow for the company grew 335% year over year to A$111.4 million, mainly due to the inclusion of Nova operating cash flows and increased gold sales from the Tropicana gold mine.

In a January trading statement, the group announced the Nova mine produced 4,454 tonnes of nickel in the second quarter of fiscal 2018, down from 4,500 tonnes in the previous quarter, while copper output rose to 2,011 tonnes, from 1,832 tonnes in the prior quarter.

Second-quarter production from Independence's 30%-owned Tropicana gold mine exceeded year-to-date guidance at 135,224 ounces, rising from 114,060 ounces in the preceding quarter.