Wesdome Gold Mines Ltd. (TSX:WDO) reported its unaudited financial and operating results for Q2 and the first half of 2014. Highlights included the revision of the company’s production guidance upwards to 52,000 ounces from 50,000 ounces, an increase in quarterly gold production of 49 percent, year over year, and net earnings of $7.1 million for the first half of the year.
As quoted in the press release:
At June 30, 2014, the Company had $13.6 million in working capital, compared to $8.5 million as at December 31, 2013. During the first half of 2014, revenue exceeded operating costs by $16.1 million and $7.8 million in capital investments were made. Cash flow from operations totalled $13.5 million and net income of $7.1 million was recorded.
Wesdome president, Rolly Uloth, said:
High mine grades are enabling us to invest in mill infrastructure and development. This will expand mine life and increase production and efficiency. Our top notch operating team has created a significant turnaround in corporate profitability compared to last year, which is very satisfying.