OXR oxiana limited

good result

  1. 934 Posts.

    Oxiana’s Board and Management are today pleased to announce operating
    earnings (before foreign exchange adjustment and depreciation and
    amortisation) of $26.4 million, for the first six months of 2003.
    The robust earnings figure was delivered after two strong quarters of operational
    performance from the new Sepon gold mine, which produced 83,570 ounces of gold
    in the period.
    Unrealised foreign exchange losses of $10.3 million were recorded over the half
    year, as the move of the Australian dollar from US 56c to US 66c adversely affected
    the translation of inter-company advances.
    The other significant item affecting net profit was depreciation and amortisation
    which amounted to $9.7 million.
    During the period the Company finalised construction of the gold plant and
    commenced work on the Khanong Copper Project which, together with exploration,
    saw capital outlays of $25.9 million.
    The Company had a strong cash position of $74 million at the end of the period and
    was free of bank debt and currency and commodity hedging. The strong operating
    earnings and solid balance sheet place the company in an excellent position for the
    planned expansion of the gold operation and the current development of the
    Khanong Copper Project.
    Owen Hegarty
    Managing Director 5 September 2003
    SUMMARY 2003
    A$ ‘000
    2002
    A$ ‘000
    Revenue* 44,910 105
    Operating earnings (before interest, foreign exchange
    adjustment, depreciation and amortisation and tax)*
    26,366
    (864)
    Depreciation and amortization and foreign exchange
    adjustment*
    (20,015)
    (6192)
    Net profit/(loss) to outside equity interests 1,776 (844)
    Net profit/(loss) ** 4,575 (6,212)
    Cash balance* 74,146 6,240

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