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CNMC Goldmine announces near-trebling of 1Q earnings to $1.9 mil on higher gold output

Michelle Zhu
Michelle Zhu5/14/2019 06:07 PM GMT+08  • 2 min read
CNMC Goldmine announces near-trebling of 1Q earnings to $1.9 mil on higher gold output
SINGAPORE (May 14): CNMC Goldmine Holdings posted earnings of US$1.4 million ($1.9 million) for 1Q19, the group’s highest quarterly profit attributable to shareholders since 3Q16, and nearly triple of its earnings of US$0.5 million a year ago.  
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SINGAPORE (May 14): CNMC Goldmine Holdings posted earnings of US$1.4 million ($1.9 million) for 1Q19, the group’s highest quarterly profit attributable to shareholders since 3Q16, and nearly triple of its earnings of US$0.5 million a year ago.

The bottomline growth was largely attributed to a rise in gold output as the group’s flagship Sokor project in Kelantan, Malaysia, generated economies of scale.

Revenue for 1Q grew 70.2% y-o-y to US$10.4 million from US$6.1 million in 1Q18, as CNMC produced and sold 8,023.38 ounces of fine gold over the latest quarter compared to 4,518.5 ounces in the previous year.

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