August 2, 2018 / 6:14 AM / a year ago

Gold miner Centamin's quarterly core earnings, revenue drop

Aug 2 (Reuters) - Centamin Plc’s quarterly core earnings and revenue dropped as production fell and costs increased, the Egypt-focused gold miner said on Thursday.

The miner reiterated its annual production target in the range of 505,000 ounces to 515,000 ounces first forecast in May, as lower grade ore at its Sukari mine in Egypt led to a cut in production guidance and higher cost estimate.

Shares of the company have fallen 28.8 percent in value since the output target cut in May.

Centamin expects significantly stronger production in the second half, driven by continued improvements in grade from the open pit in the Sukari mine, it said on Thursday.

Its earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $45.8 million, in the quarter ended June 30, from $63.5 million last year.

Revenue fell 18.1 percent to $123.9 million, hit by a 25.5 percent fall in production in the quarter. (Reporting by Muvija M in Bengaluru; Editing by Amrutha Gayathri)

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