(Alliance News) - Altyn PLC on Friday posted a very significantly narrowed annual loss as administrative expenses more than halved, though revenue suffered as gold sales dropped sharply.
Shares in Altyn dropped 33% to 0.80 pence in London in morning trading.
Revenue fell 23% to USD14.9 million from USD19.4 million as the gold sold fell 30% to 10,500 ounces from 14,990 ounces. This resulted from stoppages for equipment repairs and maintenance.
However, cost of sales fell 27% to USD12.4 million from USD16.9 million and so gross profit was flat year-on-year at USD2.5 million.
The exploration and development firm posted a USD1.0 million pretax loss for 2019, a quarter of its USD4.0 million loss the year before as administrative expenses fell 53% to USD2.6 million from USD5.5 million.
On the subject of Covid-19, Chair Kanat Assaubayev said: "At present there is expected to be minimal impact on the operations of the company. The company has sufficient stock of parts and spares to cope with any breakdowns to equipment and to keep production going. In relation to its supply chain for consumables, the company has sourced alternative suppliers in Kazakhstan for those items that are currently supplied from abroad in the event there are delays or disruption to supply."
By Anna Farley; annafarley@alliancenews.com
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Altyngold (ALTN)