LONDON (ShareCast) - (Sharecast News) - Pan African Resources updated the market on the financial year ended 30 June on Wednesday, saying it was expecting headline earnings per share of between 3.76 and 4.1 US cents per share, compared to 2.29 cents per share in the prior year.
The AIM-traded firm said that would make for an increase of between 64% and 79%.

It said earnings per share for the year were anticipated to be between 3.76 and 4.1 cents per share as well, compared to 2.3 cents per share in 2019, making for an increase of between 63% and 78%.

"The considerable improvement in earnings per share and headline earnings per share are primarily due to gold and other revenue increasing by 34.8% to $368.9m, predominantly due to an increase in gold sold of 12.4% to 201,777 ounces and the average dollar gold price received increasing by 15.7% to $1,821 per ounce," the board said in its statement.

"[That was] offset by an increase of 281% in the taxation charge for the period to $30.1m, as a result of an increase in taxation payable and the deferred taxation rate, due to an increase in projected taxable income based on expected future profitability, production and capital expenditure."

At 1124 BST, shares in Pan African Resources were down 1.63% at 16.59p.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE