CNMC Goldmine Holdings recorded a net profit of US$1.636 million in the fourth quarter, reversing a net loss of US$152,974 a year earlier.
The gold miner credited the reversal to the rise in production and sales of gold.
"The increase in production volume was due to new production facilities and higher productivity from the two leaching yards," said the Singapore-listed company in an announcement.
Revenue for the three months to Dec 31 jumped 75.8 per cent to US$7.378 million. Full-year profit was US$2.679 million, an increase of 260 per cent from US$743,786 a year earlier.
Revenue for the 12 months dipped 0.8 per cent to US$16.626 million. Earnings per share were 0.66 US cent for the full-year, up from 0.18 US cent previously. Net asset value per share was 3.49 US cents at Dec 31, from 2.91 US cents a year earlier.
"Significant economies of scale were first experienced in the third quarter of 2013 when the second leach pad became operational with the group registering all-in costs of US$775 per ounce then," said CNMC Goldmine. "The group achieved even lower all-in costs of US$761 per ounce for the fourth quarter of 2013.
"The management expects further improvement in its cost structure as the group reaps benefits through further economies of scale when the third leach pad goes into production in fiscal year 2014."
The total costs, or "all-in costs" per ounce of gold is closely-watched by miners worldwide. The profit margin is basically the difference between this value and the price of gold. Since miners cannot control gold prices, the main thing within their influence will be their own costs.
CNMC Goldmine proposed a final dividend of 0.1 cent per share, to add to its interim dividend of 0.1 cent already paid out. It did not pay out any dividends for the 2012 financial year. The results were announced before markets opened on Tuesday. CNMC Goldmine shares were ahead by half a cent to 26.5 cents at 12.30pm.