The precious metals producer said its results for the year ended 30 June 2014 were impacted by a poor performance at its Evander Gold Mines and a lower average gold price.
“Pan African Resources is pleased with another satisfactory performance from Barberton Mines, whilst Evander Mines results were impacted negatively by the low grade mining cycle,” said Ron Holding, chief executive officer of [DATA PAN:Pan African Resources plc].
Headline earnings per share (HEPS) and earnings per share (EPS) fell by 17.7 per cent and 28.3 per cent respectively, both to 24.74 cents per share.
(WATCH VIDEO: Pan African Resources H1 HEPS up 31%)
On the other hand, group revenue year-on-year increased by 41.2 per cent to 2.6 billion rand while gold sold rose by 44.2 per cent to 188,179 ounces (oz).
(READ MORE: Pan African Resources gold sales up 123% –)
At Barberton Mines, gold sold increased by 15.9 per cent to 111,632oz resulting in revenue hiking up by 11.9 per cent to 1.5 billion rand.
At Evander Gold Mine, gold sold declined by 19.5 per cent to 76,556oz with revenue falling by 22.9 per cent from 1.3 billion rand in 2013 to 1 billion rand this year.
Phoenix Mine was cash generative and profitable for the first time in 2014 with headline earnings increasing to 3.7 million rand. Platinum Group Elements (PGE) 4 production rose by 11.2 per cent to 7,204oz, resulting in revenue increasing by 22 per cent to 71.9 million rand.
A final dividend of 13.14 rand per share was declared.
“Increased dividends and a new progressive dividend policy demonstrate the board and management’s confidence in the quality of our assets and Evander Mine’s future performance,”added Holding.
“Our statement of financial position remains strong, whilst cash generative assets and internal projects will provide the platform for further profitable growth.”