Gold miner Newcrest has reported a fall of more than 50 per cent to its net profit in the six months to December.
The company has reported a statutory profit of $320 million, down from $659 million in the same period the year before, with production down as two major projects came online.
Newcrest chief executive Greg Robinson says a fall in ore grades was the main problem.
"It really [shows] the effect of the changing gold grades and recoveries on production in this current half period because, with the exception of Lihir, pretty much mill throughput at all of our operations was basically unchanged or higher," he said.
However, the result still comfortably beat analyst predictions of a $292 million profit.
Despite the fall in profit, investors will again get an interim dividend of 12 cents a share, unfranked.
That has pushed Newcrest shares 4.5 per cent higher to $24.41.