Avocet Mining Plc (AVM.L) reported a surge in full-year pre-tax profit to $115.1 million from last year's $33.5 million, with profit attributable to equity shareholders of the parent company jumping to $103.42 million from $14.63 million in 2010.
The 2011 pre-tax profit figure included exceptional items including gains on disposal of the Group's non-core South East Asian assets totaling $92.5 million, a gain on disposal of shares held in Avion Gold Corp of $9.0 million, the $39.8 million cost of restructuring Inata's hedge position in July 2011, and the $3.1 million cost of listing on the Main Board of the London Stock Exchange, the company added.
Excluding exceptional items, pre-tax profit was $56.4 million, higher than $33.4 million reported in the prior year, mainly reflecting higher gold prices and the increase in production at Inata.
On a per share basis, earnings for the full year were 51.99 cents, significantly higher than 7.39 cents in the year-ago period.
Group revenue for the year amounted to $280.6 million compared with $254.6 million a year earlier. The company said 2010 results included a full year of revenue from the Company's South East Asian mines, which were sold in June 2011.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.