By World Coin News November 05, 2009

Gold Corporation, which trades as The Perth Mint, has achieved a record profit before tax of $38 million for the financial year ended June 30, 2009, it reported on Sept. 23.

The 2009 figure compares to a profit of $3.7 million in 2008, and the corporation says it was achieved on the back of a major increase in market demand for precious metal bullion and coins. It delivered a dividend of $16 million and an income tax equivalent of $13.1 million to its sole shareholder, the Government of Western Australia.

Gold Corporation experienced a sharp increase in global demand for its minted products, with unit sales of coins, bars and medallions increasing by 50 percent to 2.7 million. World market share in gold bullion coins was maintained at about 9 percent.

“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,” said Ed Harbuz, chief executive officer.

“Despite the global economic downturn, demand also increased across Gold Corporation’s numismatic coin business, with sales of commemorative collector coins strong both in Australia and in worldwide markets.”

He said the performance of the depository business was particularly pleasing, with the value of client’s precious metals on deposit with Gold Corporation reaching the $2 billion mark for the first time.

The Perth Mint facility also welcomed 77,000 visitors through its tourist attraction during the 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,” said Harbuz.

Find full details of the financial results in the “About Us” section of Perth Mint’s Web site, located at www.perthmint.com.au.

More Resources:

• Ultimate Standard Catalog of World Coins 5-CD Set (1600-Present)

• 2010 U.S. Coin Digest, The Complete Guide to Current Market Values

• Standard Guide to Small-Size U.S. Paper Money, 1928 to Date