Centamin Egypt profits rise despite setbacks

30th Aug 2011 07:41

Egyptian gold miner Centamin posted a sharp rise in profits in the half year to 30 June, despite disruptions, as it benefited from continuing rises in prices for the precious metal.Pre-tax profits soared to $104.3m from $32m on revenues that rose to $167.4m from $87.2m.The company produced a total of 93,195 ounces of gold, up from 83,432 ounces previously. However, it sold 113,502 ounces, up from 66,378 ounces previously.The average price climbed to $1,467 an ounce from $1,308. Production costs rose to $567 an ounce from $549.Gold production was held back by delayed delivery of blasting accessories in the first quarter and the restricted issue of blasting products by police blast inspectors. Centamin earlier this month cut its full-year output estimate to 200,000 to 210,000 ounces from a previous prediction of 250,000 to 290,000 ounces.---RG