The profit was up from a $8.1 million loss in the the first half of fiscal 2008.
The company said it was in a strong position despite weak economic times, with low gearing, a strong project and exploration growth pipeline and a good outlook for the gold price.
To the six months to December 31, underlying profit was up 16 per cent at $241.6 million and cashflow from operations was up 56 per cent to $588.5 million on the prior corresponding period.
Later in February, Newcrest said it would open a share purchase plan to raise up to $4995 per subscriber.
The offer under the SPP will open on February 16 and is expected to close on March 6.
This follows the an institutional placement raising A$750 million, which helped Newcrest to pay down debt.
"The raising will further strengthen the balance sheet by reducing gearing and enable Newcrest to capitalise on external opportunities in the future," the company said.
"Newcrest expects the gearing level to be in the range of 5 to 10 per cent as at June 30, 2009.
