Perilya preens in difficult market
PERTH (miningweekly.com) - Base-metals miner Perilya has reported strong financial results for the full year ending December, despite difficult trading conditions and the strong Australian dollar.
The miner reported a net profit after tax of A$27.72-million for the full year, compared with the A$38.75-million reported in the previous financial year. Revenue for the full year reached A$353.7-million, down from the A$360.1-million in 2011.
Perilya said that during the year under review, both the company’s Broken Hill and Cerro de Maimon assets performed well, with Perilya either meeting or exceeding market expectations for metal production and costs at both these operations.
“The results for 2012 have continued the very strong operational performance from both Australia and the Dominican Republic shown in 2011. This is demonstrated by our very strong performance against guidance for both physical production and cash costs,” said MD and CEO Paul Arndt.
“Perilya has achieved strong profit results in a period that was heavily impacted by a sustained appreciation of the Australian dollar and a weakening of metals prices, particularly for zinc, lead and copper.”
Arndt noted that Perilya’s ability to provide positive results in the difficult market conditions underlined the importance of the company’s strong focus on cost control and continuing productivity improvements across both operations.
“2012 has been a very active but challenging year for Perilya and the base-metals sector generally. As we look forward, the consistently strong operating performance, focus on cost control and strategic development activity will continue to position Perilya well in an environment of uncertain global markets and ensure Perilya is well leveraged to benefit from any upturn in commodity prices,” he added.
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