Wednesday April 30, 11:00 AM
Lower zinc prices hit Griffin profits
LONDON (ShareCast) - Griffin Mining (LSE: GFM.L - news) posted a drop in both profit and revenue for the year as zinc prices declined
46% compared to last year.Profit before tax for the year to December fell to $26.8m from $29.5m on revenue that fell to $37.9m from $42.8m previously. The group said it was a "remarkable performance" considering the zinc price fell from $4,100 in January 2007 to $2,200 in December 2007. Despite the results, Griffin has maintained its dividend at $0.03 per share for the 2007 financial year. Ore mined rose 43% in 2007 to 430,891 tonnes compared to 301,168 tonnes in
2006, while processed ore rose 36%. The group continued to accumulate cash and now balances exceed $205m with no debt. "2007 witnessed exceptional progress in many areas of the company's operations and in its preparation for the future," said the group.
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