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(Alliance News) - Anglo Asian Mining PLC on Thursday reported a lower first-half profit as revenue fell amid a decline in gold production.
The gold, copper and silver producer focused on Azerbaijan said revenue in the six months to June 30 fell to USD31.5 million from USD43.5 million a year prior.
Pretax profit dropped slightly to USD5.7 million from USD5.9 million.
Gold equivalent ounces output dropped to 28,722 from 32,171. However, its gold sale price climbed 7.0% to USD1,901 per ounce from USD1,776.
Anglo Asian is aiming for a gold production of 54,000 to 58,000 gold equivalent ounces for 2022, so down from 64,610 in 2021.
The London-based company declared a 4.0 US cents dividend, down from 4.5 cents a year earlier.
Looking forward, Chief Executive Reza Vaziri said: "We will continue our strategy of focusing on organic growth opportunities to maintain and increase our production in the near future. Longer-term, our planning has now started to exploit our new contract areas."
Anglo Asian Mining shares were 6.3% higher at 72.30 pence each in London on Thursday.
By Tom Budszus; tombudszus@alliancenews.com
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