Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Avocet Mining's Profit Soars In 2011 - Quick Facts

2/23/2012 2:44 AM ET

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.

Register
To receive FREE breaking news email alerts for Avocet Mining PLC and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Intel Corp. said Tuesday after the markets closed that its first quarter profit fell 5% from last year, hurt mainly by higher income tax expenses even as revenue grew slightly. The company's quarterly earnings per share came in above analysts' expectations, but its quarterly revenue fell shy of analysts' forecast. With traders digesting a mixed batch of catalysts, stocks saw considerable volatility over the course of the trading day on Tuesday before closing mostly higher. The gains on the day extended the recovery off the two-month lows set last Friday. The major averages showed a notable rebound in afternoon trading to end the day in positive territory. U.S. President Barack Obama and his Russian counterpart Vladimir Putin spoke regarding the ongoing crisis in Ukraine for the first time in over two weeks on Monday, although the two leaders remain far apart on the cause of escalating tensions.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.