Acacia Mining plc Announces Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended June 30, 2017; Revises Production Guidance for the Full Year of 2017
For the nine months, gold production was 619,406 ounces against 616,751 ounces a year ago. Gold sales were at 445,225 ounces against 607,451 ounces sold last year.
For the quarter, the company's revenue was $170,602,000 against $284,695,000 a year ago. Profit before taxation was $24,599,000 against $80,757,000 a year ago. Net profit for the period was $16,038,000 against $52,787,000 a year ago. Basic earnings per share were at 3.9 cents against 12.9 cents reported last year. Adjusted net earnings were $34,513,000 against $50,898,000 a year ago. Adjusted net earnings per share were at 8.4 cents against 12.4 cents reported last year. Total capital expenditure was $35,619,000 against $52,900,000 a year ago. EBITDA was at $50,302,000 against $124,825,000 reported last year. Adjusted EBITDA was at $76,695,000 against $122,125,000 reported last year.
For the nine months, the company's revenue was $562,266,000 against $789,642,000 a year ago. Profit before taxation was $124,144,000 against $182,373,000 a year ago. Net profit for the period was $78,581,000 against $46,659,000 a year ago. Basic earnings per share were at 19.2 cents against 11.4 cents reported last year. Total capital expenditure was $128,075,000 against $138,072,000 a year ago. Adjusted net earnings were $100,419,000 against $109,665,000 a year ago. Adjusted net earnings per share were at 24.5 cents against 26.8 cents reported last year. EBITDA was at $211,717,000 against $309,707,000 reported last year. Adjusted EBITDA was at $242,914,000 against $302,624,000 reported last year.
As previously announced, as a result of the reduction in operating activity at Bulyanhulu, the company expects annual production to be in the order of 750,000 ounces, 100,000 ounces lower than the bottom of the previous guidance range of 850,000-900,000 ounces. This revised guidance is based on limited production occurring beyond August at Bulyanhulu and marginally lower production at North Mara than previously planned due to underground development delays as a result of work permit issues for key contractors. The transition to production of golddor© only at Buzwagi is not expected to impact guidance.