CNMC Goldmine turns to profit in 4Q on higher production and sales of gold
CNMC Goldmine Holdings recorded a net profit of US$1.636 million in the fourth quarter, reversing a net loss of US$152,974 a year earlier.
The gold miner credited the reversal to the rise in production and sales of gold.
"The increase in production volume was due to new production facilities and higher productivity from the two leaching yards," said the Singapore-listed company in an announcement.
Revenue for the three months to Dec 31 jumped 75.8 per cent to US$7.378 million. Full-year profit was US$2.679 million, an increase of 260 per cent from US$743,786 a year earlier.