Tirupati Graphite PLC on Friday reported a jump in annual sales amid higher production, but said profit plunged on increased costs.

Shares in Tirupati fell 21% to 4.15 pence each in London on Friday afternoon.

The graphite and mineral producer, which is currently focused on flake graphite mining projects in Madagascar, said that in the financial year to March 31 total sales grew 69% to £4.9 million from £2.9 million the year before.

Production was 49% higher at 7,096 tons, compared to 4,770 a year ago.

Gross profit fell 62% to £514m846 from £1.4 million the previous year, however, due to higher operating costs.

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