Banro Announces Year End 2015 Financial Results
TORONTO, ONTARIO--(Marketwired - March 28, 2016) - Banro Corporation ("Banro" or the "Company") (NYSE MKT:BAA)(TSX:BAA) today announced its financial and operating results for the full year 2015 and fourth quarter 2015.
FINANCIAL HIGHLIGHTS
? Record 2015 revenue of $157 million, a 25% increase over 2014 ($125 million) ? Gross earnings from operations of $56 million, a 91% increase over 2014 ($29 million) ? 2015 EBITDA of $55.7 million with net income before impairment charge of $11 million ? $98.75 million financing closed subsequent to year end OPERATIONAL HIGHLIGHTS
? 2015 annual gold production of 183,369 ounces, well within consolidated production guidance ? Twangiza production increased by 38% to 135,532 ounces of gold in 2015 (98,184 ounces in 2014); 30,440 ounces in Q4 2015 (29,445 ounces in Q4 2014) ? In 2015, 135,391 ounces of gold were sold at an average price of $1,157 per ounce (101,225 ounces of gold were sold at an average price of $1,239 per ounce in 2014) ? 2015 cash costs per ounce at Twangiza decreased 19% to $553 per ounce from $683 per ounce in 2014, as plant throughput exceeded design capacity. ? Namoya declares commercial production effective January 1, 2016 All dollar amounts in this press release are expressed in thousands of dollars and, unless otherwise specified, in United States dollars
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