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Brazil-focused Serabi Gold booked a higher annual profit after lower production was offset by stronger gold prices and smaller depreciation charges.
Net profit for the year through December increased to $7.0 million, up rom $3.8 million year-on-year.
Revenue fell to $55.8 million, down from $59.9 million, but depreciation and amortisation charges fell to $5.1 million, from $9.0 million.
Serabi also revealed details of a review of unexplained cash withdrawals that it had identified back in April.
'The company has made a provision of approximately $400,000 in respect of additional profits tax that may be due if it is determined that the identified expenditures were not deductible for tax purposes,' it said.
'The group has already made certain changes in personnel, implemented changes in internal controls and is currently establishing an internal audit function based in Brazil appointed by and reportingly directly to the audit committee.'