Gold miner Regis Resources is looking to consolidate on a solid financial 2012, after recording a $68 million net profit on the back of a 58 per cent spike in revenue from gold sales.
Regis announced today its net profit for the 12 months to June 30 was up 88 per cent on the previous year, on revenue of $170.3 million.
The company said it achieved a realised gold price of $1574 per ounce, on cash costs of $512/ounce.
Regis produced 105,413 ounces of gold for the year from its Moolart Well operation, up from 80,918 in FY2011.
The company said it was looking forward to further growth in FY2013, after commencing gold production at its Garden Well gold project earlier this month.
Regis is forecasting production of between 220,000 ounces and 240,000 ounces at Garden Well for FY2013m while Moolart Well is expected to produce between 95,000oz and 105,000oz.
"Regis also expects to commence development of the Rosemont gold deposit in the December 2012 quarter," the company said in a statement.
"It is expected that development of the Rosemont project will lift Regis gold production to in excess of 400,000 ounces per annum."
At 12:30PM, Regis stocks were largely steady at $4.93.