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Centamin raises dividend despite profits falling by more than a quarter

By BFN News | 09:12 AM | Wednesday 31 July, 2019


Centamin raised its interim dividend despite reporting a fall in profits as sales of gold slipped in the first half of the year. The company declared an interim dividend of US$46.2m, 4.0 US cents per share. 'The Board's decision to increase the interim dividend was based on the Company's strong financial position, assessment of near and medium-term capital allocation and confidence in future cash flow generation,' the company said. For the six months to 30 June, pre-tax profit fell 26% to £59.6m and revenue dropped 3% to £288.14m. The fall in profits comes as sales fell 2% in the half even as output rose 8%. The company maintained its annual guidance for 2019, forecasting gold production of 490,000-520,000 ounces, at cash cost of US$675-725 per ounce produced and all-in-sustaining cost of US$890-950 per ounce sold. At 9:12am: (LON:CEY) Centamin PLC share price was +7.63p at 129.58p Story provided by StockMarketWire.com

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