Newcrest’s Guidance Disappoints, but Long-Term Positives See Our AUD 23 FVE Maintained
Newcrest’s fiscal 2018 result was in line with our expectations. Adjusted net profit after tax of USD 369 million (AUD 476 million) was in line with our USD 369 million (AUD 483 million) forecast and 6% below fiscal 2017. The unadjusted net profit of USD 202 million reflected net aftertax abnormal expenses of USD 167 million. This included USD 280 million of asset impairments and write-downs, primarily from Telfer and Namosi. We also exclude the insurance payout of USD 121 million from the adjus...Newcrest Mining is engaged in the exploration, mine development, mine operations and the sale of gold and gold/copper concentrate. As of June 30 2016, Co.'s reportable operating segments were: Cadia, Australia; Telfer, Australia; Lihir, Papua New Guinea (PNG); Gosowong, Indonesia; Hidden Valley Joint Venture (JV) (50% interest), PNG; Bonikro, COte d'Ivoire; and Exploration and Other, which mainly comprises projects in the exploration, evaluation and feasibility phase and includes Wafi-Golpu JV (50% interest) in PNG, Namosi JV (70.67% interest) in Fiji, O'Callaghans in Australia and Co.'s global greenfields exploration portfolio.
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