25th Sep 2014 08:59
LONDON (Alliance News) - Central Asia Metals Ltd Thursday posted a higher pretax profit for the first-half of 2014, driven by a strong increase in revenue on the back of increased production.
The Central Asia-focused copper producer declared a 25% increase in its interim dividend to 5 pence per share, having reported a pretax profit of USD52.3 million for the six months to June 30, up from USD11.5 million last year.
First-half gross revenue rose to USD33.7 million, up from USD21.2 million in the first-half of 2013, as production increased 4.9% to 5,094 tonnes of copper, from 4,857 tonnes the prior year. It said revenue was also helped by an increase in the average copper price to USD7,049 per tonne, up from USD6,996 per tonne last year.
Central Asia Metals recently began the first stage of its major expansion programme to increase capacity at its plant to produce 15,000 tonnes a year. It said it is on track for completion by the second quarter of 2015.
The company also said its on track to produce 11,000 tonnes of copper at Kounrad in 2014, and its target of 15,000 tonnes a year by 2016.
The company's stock was trading 1.8% higher Thursday morning at 172.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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