Arcon turn around losses in H1

ISEQ-listed mining and mineral exploration company Arcon has announced a turnaround of last year's losses. The company made a net profit of €1m in the first half of this year, compared with a €4.9m loss in 2003.

Turnover (after smelter deductions) increased by 68% from €11m to €18.4m due to higher sale volumes, higher commodity prices and lower unit treatment charges, the company said today.

Commenting on the results, Arcon’s chief executive Peter Kidney said: "We have made good progress in achieving our main objectives of extending the mine life and maximising production, while lowering unit operating costs, so as to sustain and grow profits in a low euro equivalent commodity price market.

"We look forward to continuing to increase production, while improving the operating efficiency of the mine. The demand for zinc and lead concentrate is currently strong and we would hope that this trend continues, sustaining a demand for production and a positive return for shareholders."