Centerra Gold boosts dividend after Q2 profits surge to US$80.7 million

TORONTO – Centerra Gold Inc. is boosting its quarterly dividend by 25 per cent after reporting that earnings soared in its latest quarter on a 21-per-cent boost in revenues.

The Toronto-based mining company says it will pay five cents per share, up from four cents.

Centerra earned US$80.7 million or 27 cents per share in the second quarter, up from US$33.4 million or 11 cents per share in the prior year.

Reporting in U.S. dollars, the company says adjusted profits were $97.8 million or 33 cents per share, compared with $33.4 million or 11 cents per share in the second quarter of 2019.

Revenues for the three months ended June 30 rose to $412.7 million from $340.5 million as it produced 219,692 ounces of gold and 19.1 million pounds of copper.

Centerra was expected to post 22 cents per share in adjusted earnings on $368.9 million in revenues, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published July 31, 2020.

Companies in this story: (TSX:CG)