Griffin Mining Limited (“Griffin” or the “Company”) has today published its annual report and accounts for the year ended 31st December 2017 and is available to view in the financials.
Griffin and its subsidiaries (together the “Group”) recorded record production, revenues and profits in 2017 with;
- Revenues of $126,657,000 (2016: $66,270,000) up 91%;
- Operating profit of $63,773,000 (2016: $15,201,000) up 319%;
- Profit before tax of $60,877,000 (2016: $10,382,000) up 486%;
- Profit after tax of $43,321,000 (2016: $5,914,000) up 633%; and
- Earnings per share of 24.6 cents (2016: 3.3 cents) up 645%.
Cash generated from operating activities of $77.4m enabled all bank loans to be repaid with $46m repaid in 2017 as well enabling the Group to invest $13.3m in further development of the Caijiaying mine, exploration and equipment purchases.
A copy of the full announcement is available for download in a PDF document here.