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Centamin ups interim dividend; Q2 earnings drop YOY

Centamin Plc's increased its interim dividend 25% year over year to 2.5 U.S. cents, despite the second-quarter profit attributable to shareholders plummeting year over year.

The company recorded a profit attributable to shareholders of US$12.7 million, or 1.09 U.S. cents per share, in the second quarter, dropping from US$72.7 million, or 6.27 cents apiece, a year ago.

Revenue for the company dropped to US$151.3 million in the quarter from US$180.1 million a year ago on lower sales volumes and a lower average realized price for gold, according to the Aug. 3 release.

Gross profit for the quarter fell to US$47.7 million, compared to US$83.3 million, and profit before tax declined to US$37.8 million, from US$73.4 million, on a yearly basis.

The company sold 120,912 ounces of gold in the three months at an average realized gold price of US$1,249 per ounce, compared to sales of 141,802 ounces at US$1,268 per ounce a year ago.

Centamin's production fell to 124,641 ounces of gold in the second quarter, from 140,306 ounces produced in the prior-year quarter.

In the first half of the year, profit attributable to shareholders dropped to US$26.0 million, or 2.24 cents per share, from US$113.5 million, or 9.80 cents apiece, in the first half 2016.

Half-yearly revenue fell to US$292.0 million, from US$328.2 million a year ago.