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CNMC Goldmine reports lower 4Q earnings of US$1.25 mil

PC Lee
PC Lee2/27/2019 07:15 AM GMT+08  • 2 min read
CNMC Goldmine reports lower 4Q earnings of US$1.25 mil
SINGAPORE (Feb 27): CNMC Goldmine Holdings reported earnings of US$1.25 million in 4Q18, compared with US$1.29 million in 4Q17 after accounting for unrealised foreign-exchange loss, expenses for its Hong Kong dual listing, and higher tax expenses due to t
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SINGAPORE (Feb 27): CNMC Goldmine Holdings reported earnings of US$1.25 million in 4Q18, compared with US$1.29 million in 4Q17 after accounting for unrealised foreign-exchange loss, expenses for its Hong Kong dual listing, and higher tax expenses due to the lapse of the Pioneer Status Incentive Scheme in June 2018.

For 4Q18, revenue rose to US$12.61 million from US$4.86 million for 4Q217. This gave rise to a core net profit of US$1.79 million, up from US$0.93 million a year earlier. With the improved performance, the group generated US$4.34 million in net cash from operations during the quarter, up from just US$20,316 in 4Q17.

For FY18, a surge in gold production to an all-time high lifted CNMC’s 2018 revenue to a new record compared to 2017.

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