Southern Alliance Mining expects H1 net loss on lower iron ore production
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Tessa Oh
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SOUTHERN Alliance Mining (SAM) is expected to report a net loss for the six months ended Jan 31, the Malaysian-based iron ore producer said in a profit guidance issued on Friday (Mar 10).
The Catalist-listed company attributed the losses for H1 FY2023 to a decrease in iron ore production as a result of intense overburden removal activities, in accordance with the group’s mining schedule.
Lower sales volume of iron ore, coupled with a lower average realised selling price for iron ore concentrate and iron ore tailing, also resulted in a lower revenue for the group.
Details of the company’s financial performance will be disclosed when it releases its financial results by Mar 17.
SAM shares closed flat at S$0.60 on Friday before the announcement.
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