(Alliance News) - Trans-Siberian Gold PLC on Thursday reported a double-digit increase in gold production in the first half of 2019, resulting in record revenue for the period.
The Russian gold producer reported revenue for the six months to the end of June of USD30 million, up 8.7% from USD27.6 million generated a year ago, with pretax profit more than doubling to USD8.5 million from USD3.2 million.
Trans-Siberian's gold dore production increased to 21,889 ounces, up 26% year-on-year, while refined gold production increased to 23,155 ounces, up 12% on the prior year.
The average selling price for gold was slightly lower, the company noted, at USD1,312 per ounce compared to USD1,324 per ounce last year.
The company hiked its interim payout to USD0.023 per share, having paid a USD0.009 dividend the year before.
Looking ahead, Trans-Siberian is on track to achieve annual production guidance of between 40,000 and 44,000 ounces of gold.
"I would also like to highlight we are now mining at consistently higher grades and look to drive further the initiatives for improvements in our operational efficiency," said Chief Executive Alexander Dorogov.
"We look forward to the remainder of the year with optimism," added Dorogov.
Trans-Siberian shares were trading 6.1% lower on Thursday in London at 108.00 pence each.