Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) reported higher interim pretax profit helped by record gold production.
Pretax profit for the six months to end December 2001 climbed to US$61.6mln (£45.4mln) from US$60.0mln in the year-earlier period, while revenue rose 5.3% to US$193.6mln as higher gold sales outweighed a decline in the price it received for its gold.
The company previously announced that it had produced a record amount of gold in the six-month period and reiterated its target of 200,000oz for the current year.
READ: Pan African Resources gold production hits new record
“Pan African has again delivered an excellent operational performance, achieving record gold production in excess of 108,000oz for the current reporting period, and exceeding our previous guidance,” said chief executive Cobus Loots.
It slashed net debt by almost 57% to US$28.2mln.