Gold mining company Kingrose (ASX:KRM) has seen a pleasing turnaround in profit during its first half of this financial year.
Revenue has tripled from almost $9 million to $27 million dollars on the back of a sharply improved operational result at Way Lingoo mine in Indonesia.
Net profit after tax is around $3 milllion compared to a loss of Almost $16 million in the previous corresponding period. (pcp)
Gold production is up almost 15 thousand ounces compared to 4,500 ounces.
Kingrose retired all its debt and suspended operations at its Talang Santo underground mine in Indonesia – both of which reduced its costs.
The company has plans to expand its Way Lingoo mine South Sumatra.
Shares in Kingrose (ASX:KRM) closed flat yesterday at 7.2 cents.
