SINGAPORE (May 14): CNMC Goldmine says 1Q18 earnings surged almost ninefold to US$0.53 million ($0.71 million), compared to US$0.05 million in 1Q17.

Revenue for the quarter was 29.0% higher at US$6.10 million from US$4.73 million a year ago, due to an increase in the production and sales volumes of fine gold, as well as the increase in average realised gold price

Net other operating income came in at US$0.79 million, compared to US$0.36 million in 1Q17, due to an unrealised foreign exchange gain of US$0.90 million, mainly arising from MYR-denominated cash deposits and a gain on disposal of vehicle of US$0.07 million.

Changes in inventories saw a significant increase to US$0.31 million compared to US$0.04 million in the previous year.

Office and administration expenses were halved from the previous year to US$0.04 million while key management remuneration dropped 34.8% y-o-y to US$0.49 million.

Other operating expenses was a significant jump to US$182,542from US$1,369 a year ago.

Finance costs also saw a large increase to US$32,371 from US$1,023 last year.

Chris Lim, CEO of CNMC Goldmine, says, “Our 1Q2018 performance validates what we have been telling investors all this while: that barring any unforeseen circumstances we should fare better this year than in 2017 as production is expected to head higher with the CIL plant now fully up and running.”

Shares in CNMC Goldmine closed flat at 28 cents on Monday.

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