LONDON (Alliance News) - Rambler Metals and Mining PLC Monday said its first quarter results position it "nicely" to meet its 2016 production guidance, as it reported a fall in pretax profit compared to the previous year.
For the quarter to end-October the company reported a pretax profit of CAD554,000, down from CAD465,000 a year before, as revenue fell to CAD11.2 million from CAD12.3 million. This compared to a pretax loss of CAD13.0 million in the fourth quarter of the previous financial year, on revenue of CAD8.9 million.
Production for the quarter was 58,053 dry metric tonnes, down from 58,546 dmt in the previous year, and down from 59,373 dmt in the previous quarter, although it said it saw a 26% increase in copper grade compared to the previous quarter.
"This has been a great start to our financial year, following what has been a tough 12 months for the mining industry. I look forward to updating our shareholders as we continue building on our strong start to 2016," said President and Chief Executive Officer Norman Williams in a statement.
Shares were down 5.0% at 2.85 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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