StockMarketWire.com - Brazil-focused miner Serabi Gold booked a higher first-half profit after lower costs and higher gold price helped offset a fall in production owing to the Covid-19 pandemic.

Net profit for the six months through June increased to $4.2m, up from $1.7m on-year, even as revenue remained broadly flat at $29.5m.

Sales costs dropped to $16.4m, down from $19.2m, while gold output fell to 17,524 ounces, down from 19,691 ounces.

'The impact of Covid-19 pandemic has resulted in production of 17,524 ounces of gold for the first six months of the year,' Serabi said.

'The company is working hard to expand the camp allowing for a return to full staffing levels before the end of the third quarter.'

'With this in mind third-quarter performance is anticipated to be similar to that of the second quarter, with a return to full levels of production in the early part of the fourth quarter.'

'Should this be achieved, full-year production would be expected to be between 34,000 and 37,000 ounces.'




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