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Trans-Siberian doubles profit in H1

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Staff Writer | September 30, 2016
Trans-Siberian Gold reported that its results for the six months to June 30, 2016 included increases of 1.2% and 5.3% respectively.
Trans-Siberian
Trans-Siberian   The profit was $5.8 million
Revenue from the sale of 18,864 oz. of refined gold and 22,743 oz. of refined silver (2015 first half: 17,714 oz. and 23,840 oz. respectively) was $23.2 million and $350,000 respectively (2015 first half: $21.1 million and $373,000).

Average realised prices were $1,231/oz. gold and $15/oz. silver (2015 first half: $1,192/oz. and $16/oz.). Cost of sales per oz. gold, net of credits from silver sales revenue, was $685 (2015 first half: $712).

Cash cost per oz. gold including depletion, net of the silver credit and excluding royalties, was $436 (2015 first half: $489). Cash cost per oz. gold excluding depletion, net of the silver credit and excluding royalties, was $393 (2015 first half: $400).

These significant reductions reflect the impact of the further depreciation of the Russian rouble against the U.S. dollar which commenced in the second half of 2014.

No additional impairment provision (2015 first half: $1.3 million) has been recognised against the ore stockpile, reflecting the difference between its expected net realisable value at a gold price of $1,200/oz. (2015 first half: $1,106/oz.) and cost, including processing, refining and royalties.

Administrative expenses for the half year amounted to $592,000 in the UK and $2.0 million in Russia, in aggregate $2.6 million compared to $482,000 and $2.0 million respectively, in aggregate $2.5 million, for the corresponding period of 2015.

Finance income was $74,000 (2015 first half: $212,000). Finance costs were $1.1 million (2015 first half: $1.3 million).

The profit for the period was $5.8 million (2015 first half: $1.3 million) net of exchange losses of $74,000 (2015 first half exchange loss: $589,000). The profit for the period included a tax charge of $804,000 (2015 first half: $1.9 million).


 

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