FONT-SIZE Plus   Neg

Avocet Mining's Profit Soars In 2011 - Quick Facts

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Shares of Philips Electronics NV were gaining around 3 percent in the early morning trading in Amsterdam after the Dutch consumer electronics giant reported Monday a higher profit in its third quarter driven by margin strength with improved performance in its segments. Consolidated comparable sales growth was 2 percent, driven by 5 percent increase in HealthTech portfolio. AT&T announced a definitive agreement to purchase Time Warner in a stock-and-cash transaction valued at $107.50 per share. This purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warner's net debt. AT&T expects the deal to close before year-end 2017. Chipmaker Qualcomm is reportedly in talks with NXP Semiconductor NV (NXPI) for a possible acquisition, reports said. According to Bloomberg, negotiations are on with a probable price of $110 t $120 per NXP share. The deal would value NXP at around $34.7 billion.
comments powered by Disqus
Follow RTT