In more good news for the West Australian Gold producer, its revenue also strengthened over the 2017 financial year, and lifted almost 44 per cent on FY16 to $437.1 million.
It is the company’s inaugural result as a separate publicly listed gold company and Westgold says the growth in revenue, cash flow and profits represents a maturing company.
The directors do not propose to pay any dividend for FY17. However, the board has elected to reward shareholders with a pro-rata 1 for five bonus option.
Shares in Westgold Resources (ASX:WGX) are trading 6 per cent higher to $1.91