Gold Corporation, which trades as The Perth Mint, achieved a profit of $38 Million for their financial year ended June 30, 2009. This compares to a profit of $3.7 million in the previous year. The record profit comes amidst booming worldwide demand for their precious metal bullion and coin products.
Other highlights include a 46% increase in the number of coins sold to 2.7 million, a 200% increase in turnover to reach a record $2.48 billion, and a 33% increase in the value of precious metals held for deposits to reach $2 billion. The Perth Mint now holds a 9% global market share for gold bullion coins.
The Perth Mint produces bullion coins such as the Gold Kangaroo, Silver Koala, and Silver Kookaburra in addition to a wide variety of commemorative collector coins. While some world mints have been struggling to keep up with the increase in demand for precious metals products, the Perth Mint seems to be thriving in the current environment.
Ed Harbuz, Chief Executive Officer of the company said:
The strong result was testament to Gold Corporation’s investment in additional and improved factory equipment, ensuring we could streamline production and take advantage of the favorable market conditions. The strength of our business here in Western Australia and the reach of our established global sales and distribution network allowed us to take full advantage of the burgeoning demand for precious metals in all forms.
He also provided his thoughts on the outlook for the coming year:
While the global economic environment is likely to improve over the next 12 months, and with demand for precious metals expected to ease, Gold Corporation maintains a positive outlook for the next financial year.
Access to the complete 2008-2009 Annual Report is available on the Perth Mint’s website.