Anglo Asian Mining's annual profit and revenue falls

28th May 2014 15:50

Anglo Asian Mining's annual pre-tax profit declined as revenue was hurt by falling prices.Pre-tax profit came to $1.4m in the year ended December 31st 2013, down from $28.6m a year earlier. Revenue dropped to $70.8m from $73.5m in 2012.Gold sales grew to 46,076 ounces from 42,557 but at an average price of $1,387 per ounce, compared to $1,666 the previous year."This has been a difficult period for gold companies, Anglo Asian being no exception," said Chairman Khosrow Zamani. "We have all had to adapt to the substantial reduction in the gold price experienced in 2013, with prices dropping from highs of $1,880 in 2012 to lows of $1,199 in 2013, which has had a knock-on effect on both revenue and profits." Total gold production came to 52,068 ounces, up from 50,215 ounces a year ago.The company is targeting production of 62,000-67,000 ounces of gold for the fiscal year 2014.Zaman said that while the market remains somewhat depressed, 2014 has seen stabilisation of the price "as the market finds a comfortable trading range and this is predicted to continue, a welcome relief following the volatile prices witnessed over the past few years".RD