SEMAFO Reports Higher Net Income, Lower Gold Output

SEMAFO Inc. (TSX:SMF) released its Q2 2015 financial and operating results, commenting that its net income came in at $22.1 million. That’s up from $14.9 million in the year-ago quarter.
Other Q2 highlights include:

• Gold production of 66,000 ounces, a 9% decrease compared to the same period in 2014
• Gold sales of $81.1 million, an 8% decrease compared to the same period in 2014
• Operating income of $22.8 million compared to $20.7 million for the same period in 2014
• Net income from continuing operations attributable to equity shareholders of $19.7 million or $0.07 per share compared to $13.0 million or $0.05 per share for the same period in 2014
• Adjusted net income from continuing operations attributable to equity shareholders¹ of $15.6 million or $0.05 per share¹ compared to $13.3 million or $0.05 per share¹ for the same period in 2014
• Cash flows from operating activities from continuing operations² of $40.7 million or $0.14 per share¹ compared to $37.6 million or $0.14 per share¹ for the same period in 2014
• Feasibility study at Natougou over 40% complete and on track for completion in Q2 2016
• Proximal exploration on Natougou returns promising results
• Delineation drill results at Natougou match expectations
• Inferred resources of 1.84 million tonnes at 10.0 g/t Au for 590,000 oz of gold at Nabanga deposit

Click here to read the full SEMAFO Inc. (TSX:SMF) press release.