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« France – Leading the Way to the Demise of the West – The First to Fall | Main | Why Gold Looks Better than the S&P: Marc Faber, PhD »
Monday
Mar102014

Fragile gold prices swing Goldplat to H1 loss

JOHANNESBURG (miningweekly.com) – Weakened gold prices in the latter half of 2013 dampened London-listed gold miner Goldplat’s first-half results, swinging the company to an operating loss of £694 000 for the six months ended December 31, from a profit of £2.05-million for the first half of the prior fiscal year.

“This has been a difficult period for the company as we have adapted to the substantial reduction in the gold price experienced during the period under review.

“Goldplat's income is dominated by the sale of gold and the gold price for the six months ended December 31, 2012, while the price averaged some $1 300/oz for the period under review.

“It follows that the same volume of gold sales would result in income of some $300/oz less than for the 2013 financial year,” Goldplat chairperson Brian Moritz said in a results statement on Monday.

He noted, however, that the second half of the year was “already performing more strongly” and, in line with market expectations, the company was expected to return to profitability by year-end. 

Revenue for the period decreased from £15.5-million in the six months ended December 31, 2012, to £9.6-million, which swung the miner to a loss for the period of £912 000.

Goldplat posted a loss a share of £0.54 for the six months.

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