Home » Blogs » gecko_x2's blog

Perth Mint reports record profits due to paradigm shift in gold

Submitted by gecko_x2 on Sun, 11/29/2009 - 08:14

 On November 05, 2009, Numismaster writes:

Perth Mint Reports Record Profit

Gold Corporation, which trades as The Perth Mint, has achieved a record profit before tax of $38 million for the financial year ended June 30, 2009, it reported on Sept. 23.

The 2009 figure compares to a profit of $3.7 million in 2008, and the corporation says it was achieved on the back of a major increase in market demand for precious metal bullion and coins. It delivered a dividend of $16 million and an income tax equivalent of $13.1 million to its sole shareholder, the Government of Western Australia.

Gold Corporation experienced a sharp increase in global demand for its minted products, with unit sales of coins, bars and medallions increasing by 50 percent to 2.7 million. World market share in gold bullion coins was maintained at about 9 percent.

“The strong result was testament to Gold Corporation’s investment in additional and improved factory equipment, ensuring we could streamline production and take advantage of the favorable market conditions,” said Ed Harbuz, chief executive officer.
 
 

From their 2008-09 Annual Report: (emphasis mine)

 

  • 50% INCREASE IN SALES OF COINS, BARS AND MEDALLIONS ON 2007 / 2008.
  • PRODUCT SALES ADDED VALUE TO 13.5 TONNES OF GOLD, 229 TONNES OF SILVER AND 32 KG OF PLATINUM.
  • DIVIDEND OF $16 MILLION AND INCOME TAX EQUIVALENT OF $13.1 MILLION PAYABLE TO THE WESTERN AUSTRALIAN GOVERNMENT.
  • 7% WORLD MARKET SHARE IN GOLD BULLION COINS ACHIEVED.
  • THE VALUE OF CLIENT PRECIOUS METALS ON DEPOSIT UP 33% TO $2 BILLION (FY08 $1.5b).
  • TURNOVER UP 108% TO $2.5 BILLION (FY08 $1.2b). 
  • RECORD PRE-TAX PROFIT OF $38 MILLION.

 

Source: www.perthmint.com.au//documents/Gold_Corporation_AR_2009.pdf