Serabi Gold reports on vastly improved quarter

(ShareCast News) - Brazil-focused mining and development company Serabi Gold reported on a quarter of growth on Friday, with revenue up to $11.7m in the three months to 31 March, from $7.5m a year earlier.The AIM-traded company also reported an increased cost of sales, at $6.7m against $4.9m, and increased depreciation and amortisation charges, at $1.2m against $1.1m.It still made for vastly improved profits, however, with gross profit standing at $3.8m for the period, up from $1.5m a year earlier.Profit before tax improved exponentially, with the firm reporting $1.5m this quarter and just $0.19m last year.Diluted earnings per ordinary share were 0.195 cents, against 0.024 cents."The board and management of Serabi feel that a production level of 9,771 ounces at an all-in-sustaining cost of $858 per ounce is an extremely satisfying performance for this first quarter of 2016," said CEO Mike Hodgson."It is an excellent start to the year and puts Serabi in a strong position to meet our guidance of 37,000 ounces with an all-in-sustaining cost of between $840 and $870 per ounce."