LONDON (Alliance News) - Asa Resource Group PLC Thursday that it expects its full year results to fall short of market expectations, although it expects a stronger second half compared to its first, as it guided for a fall in profit in its second quarter.
The mining and development company said it expects to report a fall in gross profit to USD17 million for the quarter to end-September, compared to USD39.0 million a year before, on revenue of USD62 million, down 27% from USD85.8 million a year before.
The company said that it is reviewing its operational performance to determine where improvements can be made, and it is taking steps to reduce its costs as much as possible to counteract the declining market prices of gold and nickel.
Asa expects to announce its half year results December 11.
Shares in Asa Resource closed down 0.7% at 0.472 pence Thursday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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