Northern Star Resources FY Net Profit A$429.8 Million, Down 58%


By David Profitable

SYDNEY–Northern Star Resources Ltd. stated it’ll purchase again shares price as much as 300 million Australian {dollars} (US$206.4 million), signaling confidence in its ongoing money circulate.

Northern Star stated the buyback, which is able to begin on or round Sept. 15 and final for as much as 12 months, would not have an effect on its dividend coverage to pay out between 20% and 30% of money earnings.

“The decision to launch the first share buy-back in Northern Star’s history presents compelling value, confirms the board’s confidence in our strong balance sheet and cash generation outlook and aligns with our fiscal discipline and returns focus,” Managing Director Stuart Tonkin stated.

The buyback was detailed alongside a 58% drop in web revenue for the 12 months by June to A$429.8 million. Money earnings totaled A$1.02 billion, up 58%, whereas income rose by 35% to A$3.74 billion.

Northern Star declared a closing dividend of 11.5 Australian cents/safety.

Write to David Profitable at david.profitable@wsj.com

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