LONDON (Alliance News) - Serabi Gold PLC Friday said it swung to a profit in the third quarter of 2015 and in the first nine months of the year, after achieving record gold production and a rise in revenue.
The Brazil-focused gold mining and development company said it made a pretax profit of USD114,176 in the three months ended September 30, having suffered a USD405,430 pretax loss in the same period the year before. In the nine months to the same date, it made a pretax profit of USD191,073, following a pretax loss of USD3.3 million in the comparative period.
Revenue in the quarter rose to USD8.4 million from USD5.3 million, and in the nine months increased to USD27 million also from USD5.3 million.
Serabi said it achieved record gold production in the quarter totalling 9,078 ounces, which is a 10% rise on the second quarter.
"With the excellent third-quarter performance we now anticipate the all-in sustaining costs will be approximately USD900 per ounce for the full year. A combination of energy problems, slow production progress at Sao Chico, and slightly reduced production grades at Palito, will mean slightly reduced total production for 2015 of 33,000 ounces. Nevertheless this will be almost double the gold production of 2014 which I see as being a very satisfactory years' work," Chief Executive Mike Hodgson said in a statement.
Shares in Serabi Gold were untraded on Friday, last quoted at 3.46 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Serabi (SRB)