Centamin's first half results were poor as expected, says Shore Capital

14th Aug 2014 13:01

Shore Capital said on Thursday Centamin's first half interim results were "poor as expected".Revenues fell to $205.4m in the first half from $272.4m a year earlier. Net profit came to $31.9m, against $148.5m last year.Shore Capital expected revenues of $208m and net profit of $41.6m. However, the broker noted that the company declared a maiden interim dividend of 87 cents per share. "Operational cash generation of $47.3m in the first half 2014 was essentially balanced by investing and financing cash outflows, and a small foreign exchange gain actually resulted in the cash balance rising slightly, to $106.4m (from second half 2013: US$106.4m)," Shore Capital said. "Consequently, the company felt able to declare a maiden interim dividend of 87 cents per share ($10m total distribution), or 0.52p/share - equivalent to an annualised yield of 1.4%."JF