Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Anglo Asian Mining PLC on Thursday reported a lower first-half profit as revenue fell amid a decline in gold production.
The gold, copper and silver producer focused on Azerbaijan said revenue in the six months to June 30 fell to $31.5 million from $43.5 million a year prior.
Pretax profit dropped slightly to $5.7 million from $5.9 million.
Gold equivalent ounces output dropped to 28,722 from 32,171. However, its gold sale price climbed 7.0% to $1,901 per ounce from $1,776.
Anglo Asian is aiming for a gold production of 54,000 to 58,000 gold equivalent ounces for 2022, so down from 64,610 in 2021.
The London-based company declared a 4.0 US cents dividend, down from 4.5 cents a year earlier.
Looking forward, Chief Executive Reza Vaziri said: ‘We will continue our strategy of focusing on organic growth opportunities to maintain and increase our production in the near future. Longer-term, our planning has now started to exploit our new contract areas.’
Anglo Asian Mining shares were 6.3% higher at 72.30 pence each in London on Thursday.
Copyright 2022 Alliance News Limited. All Rights Reserved.