News: Reports profit, earnings and cashflow drop

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Troubled goldminer Newcrest Mining Limited (ASX:NCM) has reported a net profit of $40 million for the first half of Fiscal 2014, down from $323 million for the same period a year ago. Newcrest largely blamed a slide in gold prices of 13 per cent during 2013, as well as massive unexpected write downs of assets in Africa and a $120 million tax bill. Newcrest Mining say it will maintain its full-year production guidance despite the results.