Gold-miner Centamin’s full-year core profit falls 29 pct
YOUM7 (Archive)

Gold-miner Centamin Plc said its full-year core profit fell 29 percent as the average gold price it realized decreased.

Gold prices fell almost 2 percent in 2014 to as low as $1,131.85 an ounce, after falling 28 percent in 2013.

Centamin said the average gold price it realized fell to $1,257 per ounce from $1,384 a year earlier, more than offsetting a 3 percent increase in the number of ounces it sold.

The company, which operates the Sukari mine in Egypt, said its earnings before interest, tax, depreciation and amortization (EBITDA) fell to $165.4 million from $234.2 million a year earlier.

Revenue fell 6.2 percent to $472.6 million.

Analysts on average were expecting revenue of $483.4 million and EBITDA of $173.5 million, according to Thomson Reuters I/B/E/S.

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