CNMC Goldmine's 3Q net profit nearly doubles on lower expenses

Singapore-listed gold mining company CNMC Goldmine has recorded US$1.95 million (S$2.4 million) in net profit for the third quarter, a 94.7 per cent rise over the same period last year.

This was on the back of a massive drop in contractor expenses, which fell 99.1 per cent to US$19,110 in the three months ended Sep 30 this year, from US$2.2 million the year before.

The lower contractor costs were mainly due to the absence of ore processing expenses, as CNMC Goldmine stopped export sales of ore in the third quarter this year and switched its focus to producing and selling fine gold instead.

Revenue for the company, which came entirely from the sales of fine gold, rose 0.6 per cent over last year to US$6.31 million in the third quarter.

The production volume of fine gold at CNMC Goldmine's Sokor gold project in Kelantan, Malaysia also increased by 921.4 per cent to 4,762.95 ounces, as compared to 466.33 ounces in the same quarter last year.