RE:earningAdjusted net income (1) for the second quarter of 2019 was $14.0 million, or $0.29 per share, up from $8.2 million, or $0.29 per share, in the second quarter last year. For the first half of 2019, adjusted net income amounted to $27.0 million, or $0.56 per share, compared with $18.1 million, or $0.72 per share, in the first half last year. Improved earnings in the second quarter and first half of 2019 compared with the corresponding periods last year continued to reflect the significant contribution of Segovia’s operating performance in 2019 on revenues, total cash costs per ounce, adjusted EBITDA and income from operations.
With the London P.M. Fix gold price ranging from a low of $1,390 per ounce to a high of $1,506 per ounce thus far in the third quarter, the Company expects to see a significant increase in revenue and operating cash flow in the second half of 2019 compared with the first half of 2019 if spot gold prices remain at the current level.