Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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.

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

Quick Facts

Editors Pick
A number of major retailers will be open on Thanksgiving for early Black Friday shopping events. Kohl's department stores will kick off Black Friday sales two hours earlier this year, at 6 p.m. Thanksgiving Day, while Macy's, Bon-Ton and Best Buy will open at the same time. J.C. Penney and Sears... Twitter Inc. has replaced its head of product Daniel Graf just six months after luring him over from Google, according to multiple reports. Graf, previously known for his work leading Google Maps, will retain his vice president of product title and work on Twitter's geolocation features, the Wall... LinkedIn Corp., the world's largest online professional network, said Thursday after the markets closed that its third quarter loss widened slightly from last year, as higher costs and expenses more than offset a 45% increase in revenue. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue.
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.