Avocet Increases Profits Despite Lower Production

Reuters reported that Avocet Mining (LSE:AVM) reported an increase in first quarter profits, even though production was down by 20%.

As quoted in the market news:

Profit before tax and exceptionals from continuing operations rose to $20.8 million from $12.6 million a year ago. Average realized gold price rose to $1,543/oz from $1,172/oz.

Click here to read the full Reuters report.