Highland Gold profit plummets following sharp decline in gold prices

Mining company Highland Gold has seen a pretax profit drop of 46 per cent for the year up to the end of June. (Release)

Gold prices decreased from $1,664/oz to $1,203/oz in the first half of 2013.

Revenue was at £157.033m, down from £161,453m for the same period of 2012.

However, despite the damage to profit and an unfavourable market, the group saw production and gold sales (both in gold and gold equivalent) increase in the first half of 2013 to £105,630m from £101.900m and £110.423m from £102.036m respectively.

An interim dividend of £0.025 per share has been approved by the company's board (in the first half of 2012 the figure was £0.048 per share) to be paid on 18 October.