Kingsgate $8.1m Profit Down 76% 1H2013

Gold mining company Kingsgate Consolidated (ASX:KCN) has announced its first half profit results to its shareholders and investors on the Australian stock market.

• Kingsgate Consolidated first half profit was $8.1 million, down 76 percent on the previous corresponding period.
• The result included writedowns of $14.9 million for its exploration assets following the sale of properties in Western Australia and Queensland.
• KCN EBITDA (Earnings before interest, taxes, depreciation and amortisation): $65 million down from $69.6 million in the previous corresponding period.
• KCN Revenue was up 10 percent to $161.6 million.
• Kingsgate Consolidated Managing Director and CEO Gavin Thomas said, "Group gold production for the full year to June is expected to be in the range of 200 000 oz to 220 000 oz. This includes 120 000 oz to 130 000 oz from Chatree and between 80 000 oz to 90 000 oz from Challenger."
• The company's gold throughput was 90,413 ounces in the period, helped by its new plant at Chatree mine in Thailand.
• Kingsgate Consolidated declared an interim dividend of 5 cents per share, down from the 10 cents it paid in the prior corresponding period.