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Gold miner Trans-Siberian reports higher FY profit

30th June 2017

By: Creamer Media Reporter

     

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JOHANNESBURG (miningweekly.com) – Russian miner Trans-Siberian Gold has lifted its pre-tax profit by 32% to $8.7-million in 2016, with operating profit increasing to $10.7-million and revenue rising slightly to $45.2-million.

The revenue was achieved from the sale of 35 550 oz of refined gold and 51 741 oz of refined silver, at an average price of $1 248/oz of gold and $16/oz of silver.

Trans-Siberian reported a 2.8% decrease in its cost of sales to $28-million, owing to the recovery of the Russian rouble, partially offset by the 6% reduction in gold ounces sold.

Cash and cash equivalents increased from $12.6-million to $13.1-million.

"I am satisfied by our financial performance in 2016. We remain cash-generative and financially robust at a time when the gold industry is re-shaping. We will continue to seek efficiencies and enhance our financial performance wherever practicable,” nonexecutive chairperson Charles Ryan commented in a statement.

Trans-Siberian paid a maiden dividend of $5.5-million.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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