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Petropavlovsk swings to US$9.2M net profit in H1

Petropavlovsk Plc said Sept. 28 that it swung to a net profit attributable to equity holders of US$9.2 million in the six months to June 30, from a net loss of US$51.8 million, or 3 cents per share, a year ago, due to improvements in operation efficiency and weakening of the Russian ruble.

Total cash costs were down 14% to US$663 per ounce in the first half, beating the year-ago total cash costs of US$767 per ounce and preliminary estimates of US$690 per ounce.

Group revenue fell 15% year on year to US$254.0 million from US$297.3 million amid a 15% reduction in gold sales to 195,400 ounces and a 2% decrease in average realized gold price to US$1,194 per ounce.

Underlying EBITDA was lower at US$88.0 million from US$90.0 million.

As of June 30, the company cut net debt by some US$12.4 million, to US$598 million.

CapEx for the six-month period was lower year on year, to US$11.9 million from US$17.8 million.

In the first half, total gold output stood at 187,400 ounces, down from 240,200 ounces a year ago, on scheduled processing of lower grade material and seasonally bad weather.