Regis doubles full year profit

REGIS Resources has more than doubled its full year profit due to a boost in gold sales and higher prices.

The gold miner made a net profit of $145.7 million in the year to June 30, up from $68.2 million in the previous year.

Gold sales more than doubled to 253 ounces, from 107 ounces during the same period in the previous year.

That helped to boost gold sales revenue to $416.1 million.

The average sale price increased to $1,599 per ounce, up from $1,574 per ounce.

However, the cash cost of production rose 10 per cent in the full year, due to cost increases at the company's Moolart Well operation in Western Australia.

Regis said the development of its Rosemont Gold project, also in WA, would be completed in the December quarter.

"Gold production will commence in the December 2013 quarter and is expected to contribute 48,000 to 53,000 ounces of production for the 2014 financial year as the operation is ramped up," the company said.

Meanwhile, Regis forecasts gold production at WA's Garden Well for 2014 to be between 190,000 to 210,000 ounces and Moolart Well is expected to produce between 95,000 and 105,000 ounces during the same period.

Regis declared a maiden dividend of 15 cents per share, fully franked.

Regis shares dropped 30 cents, or 7.5 per cent, to $3.70.

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