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Central Asia Metals maintains dividend despite FY'15 profit fall

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Central Asia Metals maintains dividend despite FY'15 profit fall

Central Asia MetalsPlc said April 11 that net profit from continuing operations droppedto US$22.4 million in 2015 from US$59.7 million a year ago.

EPS fell to 19.64 cents from 54.91 cents in 2014.The company's 2014 results included a US$33.0 million one-off gain.

The company sold 11,750 tonnes of copper cathode, compared to10,687 tonnes in the prior year, as part of its off-take arrangements with Traxysat Kounrad in Kazakhstan and a further 290 tonnes locally, compared to 476 tonnesa year ago.

Total sales volumes at Kounrad increased 8% year over year to12,040 tonnes.

Meanwhile, Central Asia Metals Chairman Nigel Hurst-Brown willresign from his position after nine years in the role. He will remain as a nonexecutivedirector in the role of deputy chairman.

CEO Nick Clarke will assume the executive chairman role.

Additionally, Roger Davey was added to the company board.

Central Asia produceda record 12,071 tonnes in 2015, an 8.4% year-over-year increase.

According to an April 7 statement, Central Asia produced 3,207tonnes of copper in the first quarter of 2016, compared to 2,350 tonnes in the yearago quarter.

Sales for the quarter increased to 2,550 tonnes, from 2,233 tonnesin the same year-ago period.

It is aiming to produce 13,000 tonnes to 14,000 tonnes of copperfrom Kounrad this year. The company maintained its dividend at 12.5pence per share.