29th May 2015 13:29
LONDON (Alliance News) - Galantas Gold Corp Friday reported a narrowed net loss in the first quarter of 2015 and generated revenue after failing to make a turnover in the first quarter of the prior year.
The company reported a net loss of CAD414,099 in the three months to March 31, narrower than the CAD502,100 loss made in the same period in 2014. It made a revenue of CAD1,123 which it said consisted of jewellery sales, after failing to generate any turnover in the first quarter of 2014 following the suspension of production at the Omagh mine during the final quarter of 2013.
The cost of sales also decreased to CAD69,997 from CAD77,234.
Galantas said that following the suspension of production, there have not been any shipments of concentrates from the mine, and that production remains suspended awaiting planning consent to continue operations underground.
Due to continued delays in the planning process, management has made significant redundancies in the workforce, alongside other cost reduction measures, the company said.
Shares in Galantas were trading down 4.8% at 5.95 pence Friday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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