Centamin plc reported a 28 percent drop in profit before tax in 2015 despite meeting production targets at flagship Sukari Gold Mine in Egypt.
The company announced a profit of $58.4 million before tax, down from $81.6 million in the previous year, with EBITDA down 8 percent year-on-year to $152 million, "due to lower gold prices and also changes in production inventories," Centamin said in its statement.
The company forecast a production of 470,000 ounces from its principal asset Sukari in 2016, at a cash cost of production of $680 per ounce and all-in-sustaining cost of $900.
Annual production at Sukari rose 16 percent year-on-year to reach 439,072 ounces during 2015, "within the revised guidance range," according to the company. Quarter four 2015 production of 117,644 ounces was within Sukari’s target annualised rate of 450,000 to 500,000 ounces, according to the statement.
Centamin, which is listed on both the London Stock Exchange and the Toronto Stock Exchange, also announced a final dividend of 1.97 US cents per share for 2015.