Mixed bag for Perth Mint
The operator of the Perth Mint has shrugged off a fall in profit on the back of "somewhat of a mixed bag of conditions" that included weaker gold prices.
Gold Corporation said while its 2013-14 pre-tax profit of $28.4 million was down 22 per cent, it was still the State-owned body's fourth best result on record.
It enabled the corporation to exceed budget by returning nearly $32 million in tax equivalents and dividends for the year to the State Government.
Lower precious metal prices saw revenue fall to $5.17 billion, predominantly comprising the sale of 5.52 million coins, medallions and minted bars representing 19 tonnes of gold, 302 tonnes of silver and 125km of platinum.
Chief executive Ed Harbuz said a stubbornly high Australian dollar during the year had exacerbated reduced demand for coins and cast bars. However, Gold Corp's Perth refinery was able to retain market share despite intense competition in precious metals refining.
Mr Harbuz conceded the reduced appeal of gold and silver as an investment was a concern and made business "more difficult".
However, Gold Corp's new gold storage facility and the expected commissioning of a silver coin plant in 2015-16 would help mitigate adverse market conditions.
Gold Corp's net profit was $17.4 million, down from $25.5 million the previous year.
