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(Alliance News) - Goldplat PLC on Monday reported a significant fall in profit during the third quarter ended March 31.
The London-based gold miner and producer has recovery operations in Ghana and South Africa, serving clients in Africa and South America.
During the quarter, pretax profit fell 48% to GBP890,000 from GBP1.7 million last year.
Goldplat incurred GBP430,000 in interest costs as well as GBP350,000 in foreign exchange losses over the quarter.
Chief Executive Officer Werner Klingenberg said: "The group continues to benefit from engagements and marketing efforts over the last five years and we aim to build on the momentum into West Africa and South America, although the regulations governing the export of gold bearing by-products out of certain regions remain a challenge."
Furthermore, the company continues to feel the impact of electricity cuts as well as a reduction in supply in South Africa which has hampered performance.
During the quarter, the South African business saw operating profit fall 90% to GBP119,000 from GBP1.2 million, contrasting with the Ghanaian operation which multiplied operating profit to GBP1.5 million from GBP295,000.
Goldplat shares fell 6.9% to 8.01 pence each in London on Monday morning.
By Elijah Dale, Alliance News reporter
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