16th Apr 2014 09:49
LONDON (Alliance News) - Central Asia Metals PLC Wednesday said pretax profit more than tripled in 2013, as revenues jumped and the company achieved a major payment on changes to the value of its interest in Kounrad Copper Company LLP.
The AIM-listed copper, base and precious metals producer, with operations in Kazakhstan and Mongolia, said its pretax profit increased to USD55.4 million, from USD14.8 million in 2012, as revenues jumped 76% to USD54.1 million from USD30.7 million.
The company said its revenues increased as 10,500 tonnes of copper cathode was sold as part of the company's off-take arrangements at its Kounrad site in Kazakhstan along with 189 tonnes being sold locally, which helped to offset a fall in the average selling price of USD7,114, from USD7,995.
Central Asia said its finances were improved by a USD27.8 million payment after the re-measuring of the value of its Kounrad Copper asset, after the company acquired an additional 40% in it during the period.
The company said it will pay a final dividend of 5 pence, bringing its total dividend to 9 pence for 2013, from 7 pence for 2012.
Earlier in April, the company said its first quarter production was up 14% at 1,905 tonnes and it set a 2014 production target of 11,000 tonnes
Central Asia Metals shares were down 0.9% to 172.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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