St Barbara $2.5m Profit 1H2013

Gold mining company St. Barbara (ASX:SBM) have released its half year financial results to its shareholders and investors.

• St Barbara Net Profit at $2.5 million, down 95 percent for the first half from $46.5 million in the previous corresponding period.
• Profits were down from the acquisition of the Gold Ridge (in the Solomon Islands) and Simberi mines (in Papua New Guinea) for which it spent $556 milion in cash and scrip.
• St Barbara Revenue is up 29 percent to $232.2 million.
• The Gwalia operation had $9 million profit, Gold Ridge mine had a loss of $11 million.
• St Barbara's Southern Cross gold mine was written down with the bottom line taking an impairment charge of $10 million.
• St Barbara gold production was up 11 percent to 170,421 ounces.
• St Barbara's Australian based mines include Gwalia, King of the Hills and Southern Cross.
• St Barbara did not declare any dividend distributions for this period.