5th Jun 2019 10:49
LONDON (Alliance News) - Trans-Siberian Gold PLC on Wednesday reported a significant increase in its annual profit on the back of "record-breaking" revenue.
For 2018, the Russia-focused gold producer posted pretax profit of USD17 million, up from USD3.0 million a year prior.
Revenue jumped 38% year-on-year to USD59.8 million from USD43.4 million as gold production increased 15% to 42,128 ounces from 36,714 ounces.
"I am delighted to report that 2018 was a year of record-breaking operational and financial performance, with Trans-Siberian Gold delivering double-digit growth in both gold production and earnings before interest, taxes, depreciation and amortisation," Chair Charles Ryan said.
He added: "Our total gold production exceeded 42,000 ounces, outperforming our production target for the year. We achieved this while further optimizing our operational efficiency and significantly reducing costs."
Looking ahead, the company said it made a "strong start" to 2019 as it looks to become a premier mid-tier gold producer and developer.
Trans-Siberian Gold shares were trading 2.7% higher at 57.00 pence each.
Related Shares:
TSG.L