logo
Share SHARE
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
Jeff Bezos is now the world's second richest person. The founder and CEO of e-commerce giant Amazon.com Inc. has leapfrogged Berkshire Hathaway CEO Warren Buffett and Inditex fashion group founder Amancio Ortega to claim the second spot. In the annual letter to shareholders of hedge fund Pershing Square Capital Management L.P, CEO Bill Ackman admitted that the investment in Valeant Pharmaceuticals was a huge mistake. Valeant stock was down 19.2 percent in 2016 and tarnished the image of the hedge fund. A video posted by an outraged mother of her 13-year-old special needs son getting a thorough pat-down by a Transportation Security Administration officer at Dallas/Fort Worth International Airport has gone viral. The Texas woman, Jennifer Williamson, posted the two-minute video to Facebook on Sunday, showing her son who suffers from sensory processing disorder or SPD getting a thorough pat-down.
comments powered by Disqus
Follow RTT