CGA Mining profit jumps 400 per cent

Perth-based CGA Mining says its first half net profit has leapt 400 per cent, on the back of seven consecutive quarters of record production at its Masbate gold project in the Philippines.

CGA announced today its first half profit was $39 million, up from $7.64 million for the previous corresponding period.

Cash flow from operations more than doubled in the first half of FY2011 to $46.95 million from $19.75 million in the previous corresponding period, CGA said.

In January, CGA announced its seventh consecutive quarter of increases in gold production at Masbate, with a record 50,330 ounces produced in the second quarter of FY2011.

In early trade this morning CGA shares were up 13 per cent, to $3.40.