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
Wal-Mart Stores, Inc. (WMT) Tuesday said nearly half of its orders since Thanksgiving have been placed on a mobile device, double compared to last year. Star Wars toys, 4K HDTVs 50-55", drones, Xbox One and PS4 video game bundles, iPad Minis and 14-ft. trampolines were among the categories that gained... Customers of Time Warner Cable in Midwest experienced outages that lasted around two hours on Monday evening, as Americans were busy making their last minute online purchases on Cyber Monday. In a very quiet move that would have gone unnoticed but for a scrutiny into the LinkedIn profile, Google has lapped up Robert Rose, former autopilot software engineering manager of Tesla, as part of the company's Google Robotics unit.
comments powered by Disqus
Follow RTT