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CNMC Q2 profit up 31% on higher gold production and price

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Stronger gold production and higher average gold prices have given CNMC Goldmine Holdings a fillip for the second quarter.

Stronger gold production and higher average gold prices have given CNMC Goldmine Holdings a fillip for the second quarter.

Net profit grew 30.9 per cent to US$4.7 million from the year-ago period, the group said in a Singapore Exchange filing on Wednesday evening.

For the three months ended June 30, revenue rose 34.6 per cent to US$12.6 million from the preceding year, on the back of an increase in the production and sales of fine gold as well as a higher average gold price.

Earnings per share for the quarter grew to 1.61 Singapore cents, from 1.19 cents previously. The group declared an interim dividend of 0.2 Singapore cent, up from 0.18 cent a year ago.

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CNMC chief executive Chris Lim said that one of the group's immediate priorities was to complete the due diligence for the proposed acquisition of Pulai Mining. "We believe this asset will add a lot of value to CNMC once we get it off the ground."

CNMC shares closed 2.9 per cent, or 1.5 Singapore cents, higher at 52.5 cents on Wednesday, before the results announcement.

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