Wednesday June 24, 08:02 AM
UPDATE 1-Avocet annual profit falls 10 pct on lower output
LONDON, June 24 (Reuters) - Gold producer Avocet Mining Plc (LSE: AVM.L - news) said on Wednesday its annual pretax profit fell 10 percent as lower production and higher costs outweighed higher gold prices.
Pretax profit fell to $33.9 million in the year to end March from $37.6 million the previous year. Total gold production dropped 33 percent to 109,919 ounces.
It expects production in the current quarter at the Penjom mine in Malaysia to fall from the fourth quarter, on lower grades and recoveries, while output from North Lanut in Indonesia is expected to be in line or better.
The AIM-listed miner on Wednesday completed its acquisition of Oslo-listed Wega Mining ASA.
(Reporting by Julie Crust; editing by Paul Hoskins) Keywords: AVOCET/
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