SINGAPORE (Nov 7): CNMC Goldmine has posted earnings of $1.76 million for the quarter, 3.6% lower than $1.83 million a year ago due to lower revenue as well as higher production costs from a stop-work order it received from authorities in Kelantan in July.

(See also: CNMC’s Sokor goldmine ordered to cease works temporarily)

As a result of the production halt, the company’s gold output fell 24.3%.

Revenue fell 15% to $8.45 million from $9.95 million in the same quarter a year ago due to a decrease in the production and sales value of fine gold, which was partially offset by an increase in the average realised price of gold in the quarter.

The company’s all-in cost of production climbed to US$728 ($1,012) per ounce of gold, compared to US$564 per ounce in 3Q15. This was mainly due to the partial payment of a one-time processing fee payable to the Kelantan state government for the extension of Sokor’s mining lease, says CNMC in a Thursday announcement.

(See also: CNMC gets official nod for extension of Sokor mining lease till 2034)

Looking ahead, the group says it will continue to focus on increasing production and keeping costs down.

Shares of CNMC Goldmine closed 0.93% lower at 53.5 cents.