LONDON (dpa-AFX) - Kenmare Resources Plc (KMR.L) Wednesday released the financial results for the six-month period ended 30 June 2012, reporting a sharp rise in net profit for the period on higher revenues which almost doubled for the corresponding period last year.
The company reported profit for the six-month period of $38.79 million, or 1.60 US cents per share, sharply higher than net profit of $14.17 million, or 0.69 US cents per share, reported for the corresponding period in the previous year.
Total Revenue from continuing operations for the first half of 2012 almost doubled to $109.13 million from $56.04 million reported for the year-ago period.
Commenting on the results, Michael Carvill, Managing Director of the company said 'Revenues and profits this year have benefited greatly from price increases and the falling away of legacy contracts. While production was challenging during the first half of 2012, we have taken steps to address the issues and have experienced a significant step up in production since June. We remain focused on delivering the Phase II expansion with commissioning scheduled to commence by the end of the year.'
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© 2012 AFX News
