The positive results have been attributed to an increase in gold production at its existing mining operations. Production rose at continuing sites to 81,014 ounces, up 54% on-year.
Pan African Resources booked a total pre-tax profit of £9.3 million for the six month period through December 2018, which it owed to a 47% on-year spike in revenue to £75.3 million.
Chief Executive Cobus Loots, “Pan African Resources is pleased to report a robust operational, financial and safety performance for the six months ended 31 December 2018,”
“The group is now positioned as a low cost and long-life gold producer, in line with our stated strategy and our shareholders’ expectations.”
Pan African Resources as a portfolio candidate
The company’s chief executive then went on to add that the firm were on track to fulfil its full-year production guidance for 2019, which currently stands at approximately 170,000 ounces.
PAR shares are trading down 0.26p or 2.43% at 10.44p per share 20/02/19 11:46 GMT. This month and as recently as Wednesday, Peel Hunt analysts reiterated their ‘Buy’ stance on Pan African stock.