Shares Newcrest have dropped over 3% in early trade as their half-yearly results disappointed the market.
The mining giant announced that revenue was down 5% to $1.7 billion, EBIT fell 50% to $230 million and free cash flow was reduced by 48% to $134 million.
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As awful as these headlines appear, there were some bright spots.
The balance sheet improved compared to June 2017 with cash equivalents increasing to $556 million from $492 million.
Net debt improved to $1.436 billion from $1.499 billion, with their net gearing reduced from 16.6% to 15.9%.
A dividend of USD 7.5 cents per share was declared with the report, which will be paid to shareholders on May 2nd.
NCM was added to the Top 50 Model Portfolio on December 13th at $22.10.
We will look to add NCM to client portfolios on a pull back below the $22.00 level.
Newcrest Mining
