All Stories

Centamin Calendar 2012 results good but broker downgrades anyway

Tom Winnifrith
Thursday 28 March 2013

Centamin (CEY) has this week announced its calendar 2012 results. There is no doubt that the numbers were impressive. I write that as a persistent bear of the stock. But credit where credit is due – Josef El Raghy and his team did well in difficult conditions. However…

Before looking forwards, I look back. Centamin produced 262,828 oz of gold – an increase on 2011 despite the operational difficulties experience in the autumn as a direct result of the changing political landscape in Egypt. That production generated revenue of $426.1 million and an EBITDA of $233.3 million, resulting in a profit after tax of $232.15 million. However, the company did have an exceptional charge of $33.1 million which reduced the headline profit to $199.038 million. However even that number surpassed the $193.99 million recorded in 2011. It was another record year for Centamin.

About Tom Winnifrith
Bio
Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
Twitter
@TomWinnifrith
Email
[email protected]
Recently Featured on ShareProphets
Sign up for my weekly newsletter








Required Reading

Recent Comments


I also read