14th Sep 2022 12:35
(Alliance News) - Metals Exploration PLC on Wednesday posted sharply lower profit for the half year to June 30 as revenue decreased.
Metals Exploration is a mineral resources exploration and development company with assets in the Philippines.
Interim pretax profit fell to just USD857,321 from USD6.0 million a year ago. Revenue decline by 7.7% to USD57.6 million from USD62.4 million. Further, administrative expenses grew by 46% to USD5.7 million from USD3.9 million.
The London-based company produced 31,348 ounces of gold at its Runruno project in the Philippines, down 11% from 35,316 a year before. Gold sale price grew 4.5% to USD1,878 per ounce from USD1,797.
Positive cash flow dropped to USD17.0 million from USD21.3 million.
Looking ahead, Metals Exploration said: "The board of directors believes that the Runruno project will continue to operate successfully and produce positive cash flows for at least 12 months from the date of this interim report."
Metals Exploration shares were 7.3% lower at 0.95 pence each in London on Wednesday afternoon.
By Tom Budszus; [email protected]
Copyright 2022 Alliance News Limited. All Rights Reserved.
Related Shares:
Metals Exploration