Speaking at the Diggers and Dealers conference underway in Kalgoorlie, executive chairman Robert Champion de Crespigny said the company was confident of improved operating profits and earnings per share growth over the previous year.
The company posted a pre-tax profit before abnormals of $112.8 million for 1998-1999.
De Crespigny said Normandy would also need to make “necessary non-cash flow adjustments to the carrying value of Great Central exploration and mining assets”.
A balance sheet write-off in the order of $300-400 million is expected when the company brings Great Central’s accounting policies into line with its own.
Normandy’s share price suffered on Monday after AngloGold chief executive of Australasia, Nigel Unwin, ruled out a takeover.
Until then, speculation had been rife that AngloGold, the world’s biggest gold producer, had Normandy, Australia’s largest gold miner, firmly in its acquisition sights.
