UPDATE: CGA Mining US$6 M Net Profit for Year Ended June 30, 2012; 90% Drop From 2011; But Shares Edge Upwards

By Midnight Trader,  August 31, 2012, 10:20:28 AM EDT

CGA Mining Limited (CGA.TO) and its subsidiaries announced revenue of US$187,694,298 (30 June 2011: US$238,481,332) and a net profit after tax of US$5,988,349 (30 June 2011: US$65,082,264) for the twelve month period ended 30 June 2012.

CGA is up 5 cents to $2.17, on volume 104,000.

The results for the period were adversely impacted by the failure in July 2011 of the SAG Mill at the Company's operation at the Masbate Gold Project,CGA said in a statement. All expenses relating to the repair of the SAG Mill have been fully expensed in the twelve month period.

Furthermore any insurance claims arising therefrom, including a loss of profits insurance claim, have not been reflected in the current year results. Any insurance proceeds received subsequently will be disclosed as income in the period received.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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