Serabi Gold, a Brazil-focused gold-mining and development company, has announced a rise in pretax profit for the first half of the year due to lower costs. The company also reported an increase in gold production during the second quarter.
In comparison to the previous year, pretax profit for the first half reached $5.1 million, up from $2.5 million. However, revenue slightly decreased from $31.0 million to $30.5 million.
Despite the slight dip in revenue, Serabi Gold remains optimistic about its future performance, expecting continued growth in the second half. The company is also confident in reaching its full-year production guidance of 33,500 to 35,000 ounces of gold.
Chairman Michael Lynch-Bell expressed satisfaction with the company's operational and financial position, stating, "Operationally and financially, it is pleasing to see the company in such a strong position after a very encouraging quarter during which we have consistently improved our net cash position."
As a result of this positive news, Serabi Gold's shares experienced a significant increase of 6.7% at 24 pence as of 0735 GMT.
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