12th Sep 2024 12:17
(Alliance News) - Griffin Mining Ltd on Thursday hailed an "outstanding" financial performance, after seeing both revenue and profit jump in the first half.
For the six months ended June 30, the mining and investment company, which is focused on China, reported pretax profit of USD20.5 million, up substantially from USD9.6 million a year prior.
Operating profit jumped to USD19.7 million from USD9.1 million, while basic earnings per share came to 5.93 cents from 2.77 cents.
Revenue also increased, rising to USD85.7 million from USD69.5 million the year before.
During the half, 25,653 tonnes of zinc metal in concentrate were sold, compared to 28,939 tonnes the year before. 11,257 ounces of gold in concentrate were sold, compared to 7,835 ounces, while 162,202 ounces of silver in concentrate were sold, up from 147,663 ounces.
"In what's becoming a well worn cliche, this is yet another outstanding operational and financial performance by the company and its Caijiaying Mine. With operating profit up 116%, profit before tax up 114% and profit after tax up 117% on the same 6 month period from last year, all with a balance sheet without any debt, I couldn't be prouder of the company's management, employees, contractors and other stakeholders. My heartfelt thanks goes out to all of them," said Chair Mladen Ninkov.
Shares in Griffin Mining were trading 1.4% higher at 152.16 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News senior reporter
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