Earnings of iron-ore producer Southern Alliance Mining (SAM) plummeted 30% to RM62.1 million ($20.5 million) in FY2020 ended July 31, from the RM88.2 million posted a year ago. The dip follows a surge in tax expenses to RM24.9 million.

The latest results is a first for the company which went public at 26 cents a share on June 26.

See: Southern Alliance Mining first to list amid Covid-19 outbreak and Southern Alliance Mining gains two cents on Day One of trading 

On a fully diluted basis, this translates to earnings per share of 12.7 sens in FY2020, compared to 18.16 sens in the previous year end.

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