Gold miner Centamin’s core profit rises 55%

 Gold miner Centamin Plc said its first-quarter core profit rose nearly 55 percent as increased gold sales and reduced costs offset lower prices for the metal.

Gold miners have been pressured by low gold prices in recent months to switch their focus to cutting costs and cleaning up their finances.

Centamin said it sold 111,249 ounces of gold in the three months to March 31, a growth of 41 percent from a year earlier, while cash costs fell 3.6 percent to $717 per ounce.

The miner said earnings before interest, tax, depreciation and amortisation rose to $53 million from $34.3 million a year earlier.

The company declared a higher dividend in March despite a fall in EBITDA, highlighting its confidence in ongoing cash flow.

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