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(Alliance News) - Metals Exploration PLC on Friday posted a swing to profit in 2019, helped by a revenue rise and the non-repeat of chunky impairment costs.
Revenue in 2019 climbed 54% to USD94.3 million from USD61.4 million. The natural resources firm swung to a pretax profit of USD13.9 million from a USD177.9 million loss.
In 2019, Metals booked an impairment reversal of USD23.2 million, compared to a GBP179.8 million impairment loss in 2018.
"During the year ended December 31, 2019 the group made a number of positive operational improvements to the Runruno project. The mine underwent a number of structural changes in design and the new mine plan was successfully implemented," the company said, referring to its gold project in the Philippines.
Unsurprisingly, 2020 has been dominated by Covid-19.
"The world-wide Covid-19 pandemic has had a negative impact on the group's operations, however notwithstanding the Philippine government quarantine regulations, mining and gold production activities have continued albeit at reduced mining rates and a reduced gold recovery rate," the company explained.
"The longer the Covid-19 pandemic continues, with the associated government restrictions on movement of senior personnel, the more at risk the mining and processing operations become. Notwithstanding the increasing risk to operations management is hopeful that the medium to long term impact on the group will not be material."
Earlier on Friday, Metals Exploration announced a debt restructuring agreement. The company will no longer be forced to follow set fixed principal and interest repayment schedules. It will now make quarterly repayments.
Shares in the company are currently suspended from trading.
By Eric Cunha; ericcunha@alliancenews.com
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