Newcrest Mining Reports Deep Annual Loss of A$5.778 Million

Newcrest Mining (TSX:NM, ASX:NCM) announced a statutory loss of A$5,778 million for the year ending June 30, 2013.

As quoted in the press release:

After a period of price weakness, the gold price suffered a large fall in mid April 2013 which has been sustained and accompanied with increased volatility. The year-end review of Newcrest’s asset carrying values
in the context of the continuing lower gold price environment, combined with a compression of valuations in the gold industry and other factors, has resulted in the impairment of the carrying value of some assets, and contributed to the write-down in the book value of some assets and the recognition of costs associated with business restructuring. As a result, Newcrest has reported a Statutory loss of A$5,778 million for the 12 months ended 30 June 2013, after significant items totalling A$6,229 million after tax relating to asset impairments of A$5,556 million after tax, asset write-downs of A$349 million after tax, a write-down of its investment in Evolution Mining Limited of A$273 million after tax and a charge for restructure costs of A$51 million after tax. The Statutory profit for the prior year was A$1,117 million.

To view the whole press release, click here.