Business
Interim results for the 6 months ended 31 Dec 2019
Interim results for the 6 months ended 31 Dec 2019.
About this update from Goldplat Plc
[{"type":"text","content":"\n \n \n RNS Number : 8262D\n Goldplat plc\n 24 February 2020\n \n \n \n \n Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration\n \n \n 24 February 2020\n \n \n Goldplat plc \n \n \n ('Goldplat' or 'the Company')\n \n \n Interim results for the six months ended 31 December 2019\n \n \n \n \n \n Goldplat plc, the AIM listed gold producer, with international gold recovery operations located in South Africa and Ghana and a gold mine in Kenya, announces its unaudited interim results for the six months ended 31 December 2019.\n \n \n Overview\n \n \n · \n The group reports a return to operating profitability for the first six months ended 31 December 2019 of \n £2,221,000 (31 December 2018: Operating loss £653,000)\n \n \n · \n The group profit for the six months ended 31 December 2019, excluding unrealised intragroup foreign exchange losses on intercompany loan balances, was \n £1,032,000 (31 December 2018: Loss, excluding intragroup foreign exchange losses on intercompany balances, £1,214,000)\n \n \n · \n The group has intercompany loans denominated in USD which differ from the parent company and its various subsidiaries reporting currencies. The strengthening of GBP and weakening of the Ghana Cedi contributed the most to the group's unrealised intragroup foreign exchange loss for the six months to 31 December 2019 of \n £333,000 (31 December 2018: unrealised intragroup foreign exchange profit, £279,000)\n \n \n · \n With the increase in profits the group also reported an increase in taxation for the six months ended 31 December 2019 to \n £918,000 (31 December 2018: £98,000). Included in the taxation expense is dividend taxation paid on the declaration of dividends from GPL to support the group cash flows. The dividend taxation paid for the six months ended 31 December 2019 was £190,000 (31 December 2018: £200,000)\n \n \n · \n The South African operation performed strongly and achieved an operating profit for the six months ended 31 December 2019 of \n £2,659,000 (31 December 2018: £752,028). A pre-treatment facility has been added at a cost of £70,000 which enables the company to treat lower grade material with a higher degree of contamination.\n \n \n · \n Performance at the Ghana operation improved as the company's marketing and sourcing efforts gained momentum and achieved an ope...