11th Nov 2019 12:58
(Alliance News) - Serabi Gold PLC on Monday said it swung to third quarter profit, helped by a rise in the average gold price.
For the three months to the end of September, the Brazil focused gold miner reported revenue of USD14.4 million, up 91% year-on-year from USD7.5 million, helping the company swing to a pretax profit of USD1.1 million. In the third quarter of last year, Serabi made a pretax loss of GBP2.2 million.
For the first nine months of 2019, revenue is up 32% to USD43.9 million from USD33.2 million last year.
Average gold price received during the third quarter is up 21% to USD1,472 per ounce, from USD1,213 last year.
In October, the gold producer reported a third quarter production of 10,187 ounces, up 26% from 8,101 ounces the same period the year before.
Year to date production stands at 29,878 ounces, up 11% on an annual basis from 26,852 ounces.
Serabi anticipates full year production between 40,000 and 41,000 ounces.
Serabi shares were 4.1% higher at 82.22 pence each in London on Monday afternoon.
By Eric Cunha; [email protected]
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