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(Sharecast News) - Gold producer Goldplat swung to a loss for the year ended 30 June as the group's bottom line was hurt by weakened profits in both South Africa and Ghana.
Goldplat turned in a full-year loss of £501,000 on Monday, a marked turnaround from the £2.5m profit reported a year earlier, as sales at the group's South African gold recovery operations dropped 23.7% to £17.3m and operating profits from recovery operations in South Africa and Ghana tumbled 60.5% to £1.5m.
The AIM-listed firm's mining and exploration unit saw pre-tax losses more than double to £1.9m, leading Goldplat to put its mining operations on care and maintenance in order to stem losses.
Net cash increased 17.4% to £1.8m
Separately, Goldplat confirmed the appointment of Werner Klingenberg as chief executive officer, on a permanent basis. The group said fulfilment of the role of CFO, currently held by Werner, was "under consideration".
As of 1030 BST, Goldplat shares were down 5.26% at 3.60p.
22 Feb 2016 11:23