Lihir Gold profit rises to US$87m despite 2pc revenue slip

Lihir Gold today posted a US$388 million turnaround into prcerro moro gold silver mine santa cruz province argentinaofit, after last year's loss on the back of writing off its Ballarat mine. First-half net profit at Lihir Gold registered at US$87.1m (A$98.3m), from a loss of $US300.9m a year earlier.

The mining company said revenues in the six months to June 30 fell 2 per cent to $US544.9m, from a restated $US555.3m in the previous corresponding period. Lihir said underlying net profit fell to $US142.5m, from $US168m a year before. A consensus of four analysts had expected $US155.5m (underlying profit excludes one-off items). The miner did not propose an interim dividend Lihir. Shares in Lihir rose 0.2 per cent after news of its profits, adding 1 cent to $4.48 after a high of $4.51. The benchmark S&P/ASX 200 was down 0.2 per cent at the same time.