The West

Norton Goldfields announces profit upgrade
Norton Goldfields announces profit upgrade

Shares in Norton Goldfields jumped after the company announced an unaudited first-half pre-tax profit of $12.6 million turning around a $17 million loss in the previous corresponding period.

The company announced a 47 per cent increase in revenue on a 27 per cent hike in gold shipped and a 15 per cent rise in average prices received.

Norton's managing director Andre Labuschagne said the unaudited pre-tax result showed the positive impact of settling the company's hedging position with Lehman last year, which allowed it to obtain full value from the rising gold price.

The company said its final first-half result was still being audited and tax calculations were still being finalised.

Norton Goldfields shares were up 1.5 cents, or 8.11 per cent, to 20 cents at 9.45am.

The West Australian

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