The Perth Mint posted record revenue of $4.4 billion and pre-tax profit of $24.9 million for Q1/Q2 of the 2015/16 financial year.
Owned by the Government of Western Australia, The Perth Mint makes a contribution to the State economy through the successful management of its sizable and diverse operation, and ongoing support of the mining industry.
Premier Colin Barnett said the result reflected the significance of the Mint to the State and its future development.
“Gold mining has been at the cornerstone of the State’s advancement for more than a century, and The Perth Mint has always played an integral role in that industry,” Barnett said.
As Australia’s only multi-accredited and vertically integrated precious metals business, the Mint systematically adds value to Australian precious metals at every stage of production while generating global interest in the asset class.
Operating under new administration since 1 July 2015, led by Chief Executive Officer, Richard Hayes, this notable financial outcome has been underpinned by a significant corporate restructure and the execution of new operational and product development strategies.
“The last six months have certainly been a period of renewal and innovation. We have dedicated resources to streamline our processes and refresh our systems, while we continue to nurture client relationships and forge new alliances,” said Mr Hayes.
“These efforts have strengthened our position and provided us with greater flexibility to respond to market demands.
“Examples of this include the launch of our Depository Online precious metals investment and storage platform, and the release of a new silver bullion coin that is manufactured in large volumes using our own unique production method, which has greatly encouraged sales,” he continued.
Despite being faced with unstable market conditions and a challenging competitive environment, the Mint recognises that its robust financial result is a collaborative effort involving its key stakeholders.
“Primarily, the Australian mining companies who supply unrefined gold doré to the Mint are vital to our operations. It is their high volume of metal that enables us to offer such a diverse range of bullion and other products to investors and collectors throughout the world,” Mr Hayes concluded.