CNMC Goldmine posts record net profit of $5.5m in Q2

SINGAPORE - CNMC Goldmine Holdings said on Monday its net profit for the second quarter surged over the same time last year to hit a record US$4.4 million (S$5.5 million).

This was up from earnings of US$26,180 last year, the Catalist-listed gold mining company said.

Revenue more than tripled to US$8.3 million in the three months to June 30 from US$2.2 million a year ago, mainly due to an all-time high production of fine gold.

The results marked the group's fifth straight quarter of profitability, said chief executive officer Chris Lim in a statement.

"We met our key targets of raising production volume whilst reducing cost on all fronts," he added. The group's all-in costs fell to a historic low in the quarter of US$649 per ounce of gold sold, compared with US$1,092 per ounce in the same time last year.

CNMC is declaring an interim dividend of 0.15 cents a share.

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