CNMC Goldmine announces near-trebling of 1Q earnings to S$1.9 mil on higher gold output

-A +A

SINGAPORE (May 14): CNMC Goldmine Holdings posted earnings of US$1.4 million (S$1.9 million) for 1QFY19, the group’s highest quarterly profit attributable to shareholders since 3QFY16, and nearly triple of its earnings of US$0.5 million a year ago.  

The bottomline growth was largely attributed to a rise in gold output, as the group’s flagship Sokor project in Kelantan, Malaysia generated economies of scale.

Revenue for 1Q grew 70.2% y-o-y to US$10.4 million from US$6.1 million in 1QFY18, as CNMC produced and sold 8,023.38 ounces of fine gold over the latest quarter, compared to 4,518.5 ounces in the previous year.

The higher production and sales volumes helped to offset...(click on link for full story on