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LONDON (Alliance News) - Goldplat PLC on Wednesday said it saw a fall in profit for its recently-ended financial year, as higher costs reduced the positive effect of revenue growth.
The AIM-listed gold producer reported profit from continuing operations of GBP506,000 for the year to the end of June, down from GBP2.0 million the year before, due to a net finance cost of GBP772,000, up from GBP74,000.
This was in spite of revenue rising slightly to GBP33.8 million from GBP31.7 million.
During the period, Goldplat saw reduced gold production of 35,431 ounces from 42,857 ounces the year before, due mainly to lower production from Goldplat Recovery and the company's Ghana operations.
However, the price of gold increased to USD1,293 per ounce, from USD1,258 the year before, leading to the rise in revenue.
Goldplat said it expects to see growth in its recovery business in its current financial year, through ongoing initiatives to source material in West Africa and South America.
As for the Kilimapesa gold mine in Kenya, with plant one closed and costs stabilised, Goldplat will now focus on production volumes and grade, as well as finding a partner to invest in the mine.
Shares in Goldplat were down 9.1% at 5.00 pence on Wednesday.