SINGAPORE (THE BUSINESS TIMES) - CNMC Goldmine Holdings reported a net loss of US$2.6 million (S$3.5 million) for the second half of the fiscal year ended December 2020, reversing from a net profit of US$2.2 million in the year-ago period.
This caused the Catalist-listed firm to report a loss of US$3.5 million for FY 2020 versus a net profit of US$4.4 million in the previous year. This marked the group's first annual loss since 2011.
Revenue for H2 fell 28.4 per cent to US$13.4 million from US$18.7 million in the corresponding period last year. The group noted that despite an increase in average realised gold price, there had been a significant drop in production and sales volumes of fine gold in H2 and FY 2020.