News: Cost cuts aid Newcrest Mining FY result

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Newcrest Mining Limited (ASX:NCM) has trimmed its annual net loss on the back of productivity improvements and cost reductions. 

Australia’s largest listed gold producer has booked a net loss of $2.2 billion in the 2014 financial year, from a loss of $5.8 billion the year before. 

The latest result include asset impairments such as write-downs flagged last month relating to its Lihir gold mine in Papua New Guinea. 

On an underlying basis Newcrest’s profit dropped to $432 million, down from $446 million the year before as the price of gold declined. 

Over the last financial year the miner increased its gold output by 14 per cent and lifted copper output by 7 per cent and group production is expected to be similar over the coming year.  

No divided has been declared.