Perseus Mining nearly doubles revenue, profit drops 20 percent

West Africa-focused Perseus Mining (ASX & TSX:PRU) appears the have escaped some of the carnage: The gold miner – which calls itself "one of West Africa's most aggressive gold explorers" – nearly doubled revenue for the financial year ending June 2013.

Income increased to A$293 million, according to the company's report.

“Our financial performance in FY2013 was very solid, especially taking into account the recent volatility in gold price and technical challenges that needed to be overcome during the year at our flagship operation, the Edikan Gold Mine, in Ghana," managing director Jeff Quartermaine noted in a statement on Friday.

The revenue rise was driven mainly by a 52% production increase as Edikan reached its first full year of output after beginning commercial production in January 2012.

As for the miner's Sissingué Gold Project in Côte d'Ivoire, Perseus has deferred a decision on development until early next year. In June the company reported that ongoing discussions with the Ivorian government on applicable fiscal terms and stability undertakings were "advancing very positively.

However, Perseus' revenues slowed down in the past year, dropping from A$52 million to $41.4 million – a loss attributed to low gold prices, operating cost increases and several impairment charges totalling $2.6 million.

The company also says it will implement a "company-wide programme to reduce operating and capital costs." Directors' fees for the next financial year have been reduced by 15%. The directors decided there would be no interim or final dividend for June.

The miner gained nearly 10% on the Australian exchange on Friday, trading at $0.78. Year-to-date Perseus has lost 60% on its share price.