Avocet Mining Plc (AVM.L) reported a slight increase in first-quarter 2012 pre-tax profit to $20.74 million from $20.32 million, and profit before tax and exceptionals rose to $20.84 million from $20.32 million last year.
However, total profit attributable to equity shareholders of the parent company was $12.49 million pounds, lower than $14.09 million pounds a year earlier. Total earnings per share also declined to 6.20 cents from 6.96 cents in the comparable period.
Production and cash costs are in line with view and full-year guidance of 160,000 ounces of production at a cash cost of between $800 - 850 per ounce remains in place.
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