Metals X profit, revenue up

Local miner Metals X has announced a 9 per cent increase in net profit to $40.9 million for the 2015 financial year, on the back of higher revenue from gold sales.

The gold, tin and nickel company reported a 32 per cent increase in revenue to $315.2 million, with gold sales revenue climbing 45 per cent to $232.7 million.

It also declared an annual dividend of 2.95 cents per share, 26 per cent franked.

“This is a good result in what has been a trying year for resource companies,” chief executive Peter Cook said.

“We have grown, we have made good profits and we have shared that with our shareholders.

“More importantly, we have established a platform for higher outputs and higher profits in future years whilst remaining debt free,” he said.

Metals X made a number of acquisitions during the year to boost its gold portfolio, including securing the Grosvenor project in the Bryah Basin from Perth-based RNI, and Northern Mining’s Georges Reward project at Bulong.

Shares in Metals X were 2.2 per cent higher to $1.12 per share at 2pm.