Junior gold producer, Troy Resources has made a remarkable recovery after suffering a severe loss last year, posting a $16.7 million profit amid enhanced gold production and increased revenue.
This year's profit results compares to a $17.6 million loss in FY 2008.
Gold production and sales revenue have soared over the last 12 months.
The company produced 61,832 ounces, an increase of more than 20,000 ounces on 2008 figures.
And gold sales revenue of $75.4 million close to doubled the $39.7 million generated in the previous corresponding period.
The result included the first full year of production from the Company's new underground gold mine at Andorinhas in Brazil.
Troy chief executive, Paul Benson said last year was a year of transition as he positioned the company for growth while this financial year the company has laid strong foundations and started delivering on that growth.
"Although the results for the year were impressive, it's the foundation that we have laid for the Company's future growth which has been most pleasing," Mr Benson said in a statement.
"With the acquisition of the Casposo project in Argentina, Troy now has the longest forecast production profile in the Company's history.
"The Casposo acquisition and exploration at Sandstone have led to significant increases in gold Reserves and Resources, again giving us the largest gold and silver inventory in the company's history."
At the end of July, Troy had cash reserves of over $35 million, with no debt and no forward sales in place.
And Troy's $16.7 million profit result was achieved after allowing $7.2 million for exploration expenditure, down on last year's $11 million, and $10.5 million for depreciation and amortization, doubling last year's $5.1 million.
The company said it has an aggressive exploration program aimed at increasing reserves and resources and generally this expenditure is expensed in the year it is incurred.
