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Evolution Mining books 10% YOY decline in fiscal H1'18 profit

Evolution Mining Ltd. reported a 10% year-over-year decline in statutory profit after tax to A$122.5 million for the first half of its fiscal 2018, but underlying profit after tax improved by 8% to A$124.7 million.

Sales revenue grew by 10% on a yearly basis to A$782.1 million, while EBITDA in the period rose 16% year over year to A$399.1 million.

Evolution said the results were driven by increased sales and lower unit costs, which were offset by a lower achieved gold price of A$1,621 per ounce.

The Australian gold producer's mine operating cash flow increased 22% to A$415.1 million and net mine cash flow climbed 37% to A$292.5 million in the period.

First-half gold production declined 4% year over year to 407,459 ounces, with all-in sustaining costs declining by 20% to A$785 per ounce.

In late January, Evolution said that it was on track to meet its full-year output guidance of between 750,000 and 805,000 ounces of gold, while all-in sustaining cost was expected be at or below the bottom end of its forecast of A$820 to A$870 per ounce.

Evolution's total outstanding bank debt was A$395.0 million at Dec. 31, 2017, in the senior secured term loan.

The company declared a fully franked interim dividend of 3.5 cents per share, payable March 30 to shareholders of record as of Feb. 26.