StockMarketWire.com - Metal mining company Central Asia Metals scrapped plans to pay a final dividend and said it would also be reviewing its budget for 2020 in a bid to preserve cash. The announcement arrived as the company reported a fall in profit, driven primarily from a decline in revenue due to falling commodity prices.

'Given the current period of uncertainty, we have made the very difficult decision not to recommend a 2019 final dividend. We are also reviewing our 2020 capital expenditure budgets with the aim of identifying near-term savings,' the company said.

The 2019 full year dividend fell to 6.5p from 14.5p last year.

For the 12 months ended 31 December 2019, pre-tax profit fell 7% to $67.8m and revenue fell to $180.8m from $204.2m on-year.

Zinc in concentrate production rose to 23,369 tonnes from 22,532 tonnes; lead in concentrate production fell to 29,201 tonnes from 29,388 tonnes and copper production slipped to 13,771 tonnes from 14,049 tonnes.

'We are facing some headwinds due to the current weak commodity prices exacerbated by Covid-19, coupled with increased 2020 global zinc and lead treatment charges,' Central Asia Metals said.


At 8:58am: [LON:CAML] Central Asia Metals PLC share price was -29.5p at 126.7p



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