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Pan African Resources first-half profits drop
(Sharecast News) - Shares in Pan African Resources were under pressure on Monday after the gold miner reported a big drop in first-half profits. The company said headline earnings per share should be between 1.09 US cents and 1.31 cents for the six months to 31 December, down 38-49% on the 2.22 cents earned the year before.
This was partly due to a 18% drop in the amount of gold sold to 79,926 ounces, along with the opportunity cost associated with the synthetic forward transaction of $17.4m, compared with just $1.7m previously.
However, PAF said that this agreement finishes at the end of February 2025, after which it will fully benefit from the prevailing spot gold price of approximately $2,860/oz which is 21% higher than the average price registered during the first half.
Looking ahead, PAF said it was well position for "much improved production" in the second half, with further increases expected next fiscal year.
Shares were 5.2% lower at 39.95p by 1119 GMT.
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