Kingsgate Consolidated Limited posts solid $21 million profit
Kingsgate Consolidated (ASX:KCN) has reported a $21 million half year profit for the period ended 31 December 2016. Despite only having one operational mine at Chatree, revenue increased by 5% and profit turned around from a $19.9 million loss to a $21 million profit. Following the forced closure of Chatree by the Thai Government at the end of December, Kingsgate does not currently have any producing mines and is focussed on the near term Nueva Esperanza Precious Metals Project in Chile.
Kingsgate Consolidated (ASX:KCN) (“Kingsgate” or the “Company) is pleased to announce a $21 million half year profit for the period ended 31 December 2016, up 206% form the $19.9 million loss recorded 12 months previously.
Overall revenue increased by 5% to $158 million, despite only operating at Chatree during the period.
Group gold production for the half year was 89,875 ounces, all from Chatree. This is similar to the 90,319 ounces produced at Chatree and Challenger during the previous corresponding period.
Production from Chatree ceased at the end of December 2016, following a closure order by the Thai Government. The Company is focused on the near term development of the Nueva Esperanza Precious Metals Project in Chile.
