But, with the gold price taking another knock overnight, the result failed to spark much enthusiasm among investors. The share price rose 15c to $4.30 in morning trade with a small volume of stock changing hands in 11 transactions.
The company said it achieved the profit on gold sales of 325,191 ounces, up 47% from 220,781oz a year ago, at a net price after hedge fees of $577 per oz.
The average spot price for the 12 months was $448/oz.
Another Normandy Mining subsidiary, Normandy Mt Leyshon, reported a fall in yearly net profit to $37.28 million from $44.2 million.
However, the result was slightly above investor expectations of about $36.4 million, according to the Barra Global Estimates directory. Profit taking sent the stock up 15c to $2.00 in thin trade.
Mt Leyshon gold sales fell to 282,501oz from 312,980oz on a cash margin of $272/oz, down from $280/oz, as the company prepares to wind down its operations.
The Mt Leyshon mine, 35km south of Charters Towers in Queensland, has an operating life of 17 months remaining, after which site rehabilitation and ongoing monitoring (at an aggregated estimated cost of $7 million) will continue for a further three to four years, the company said.
Normandy NFM attributed its increased gold sales to higher mill throughput, up 26%, and higher head grade, up 12%, benefiting from capital expenditure and an increased percentage of higher grade ore at the Callie underground mine, 600km north-west of Alice Springs in the Tanami Desert.
The total cash cost fell to $322/oz from $381/oz on the back of increased throughput and a continued focus on cost cutting.
However, these gains were partially offset by higher amortisation charges associated with increased tonnages of Callie underground ore, and a lower realised gold price of $577/oz against $600/oz a year ago, reflecting maturities in the company’s hedge book.
Normandy NFM directors said they will look at reinstating dividends once the capital requirements to develop Callie and Groundrush are better defined and consistent surplus cash flow established.
