Almonty widens losses in nine months ended June 30; prices at ‘turning point’, says ceo
Almonty Industries posted a net loss of C$12.8 million ($9.8 million) in the nine months ended June 30, 2016, as tungsten prices remained subdued and revenues also declined.
This marked a widening of net losses from C$4.2 million in the prior year period. In the three months ended June 30 this year, net losses came C$3.1 million, compared with a profit of C$273,000 in the same period in 2015. Revenues edged down to C$26.8 million in the nine-month period, from C$27.7 million in the same period in 2015, and C$8.3 million in the three-month period, from C$8.7 million. The company posted a profit from mining operations of C$407,000 in the three months ended June 30 this year, down from C$1.6 million in the prior year period, and a loss of C$5.7 million in the nine-month period, from a profit of C$1.3 million. However, the company remains positive for the future, president and ceo Lewis Black said in a statement, adding that he believes the latest quarter "represents the turning point", in terms of...
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