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STOCKS NEWS EUROPE-Griffin Mining falls after results

Thu Apr 30, 2009 6:24am EDT

Stocks

   

Shares in China-focused Griffin Mining (GFM.L) fall 3.6 percent after the company posts a 74 percent decline in full-year profits due to a fall in the price of zinc, and says it will not pay a dividend in order to preserve cash.

Seymour Pierce points out in a note that the results came in below its estimates, and that it had been expecting a modest dividend.

The broker says that with the bid for lead company Ivernia withdrawn the current cash balance should be close to the year end balance of $67.2 million, meaning the current share price is well supported.

However, it says: "With production at Caijiaying suspended during the first quarter and zinc still in the doldrums, we feel there is little to drive the stock forward ahead of another potential acquisition."

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Reuters Messaging rm://tricia.wright.reuters.com@reuters.net


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