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Allied Gold Mining Posts Pre-tax Loss In 2011 - Quick Facts

Allied Gold Mining Plc (ALD.L,ALD.TO,AIGOF.PK) announced preliminary results for 12 months ended December 31, 2011 posting pre-tax loss of $5.97 million versus pre-tax profit of $5.77 million last year.

Loss per share was 3.08 cents versus profit per share of 3.30 cents a year ago. The company said comparative per-share figures were adjusted for 1 for 6 share consolidation which was undertaken on June 30, 2011 as part of the Scheme Arrangement as approved by shareholders on June 6, 2011.

Revenue grew to $146.4 million from the previous year's $80.95 million.

The company produced 108,338 ounces of gold in the year to December 2011, up 55% from the prior year. The increase was primarily due to the inclusion of production from the Gold Ridge project, which was acquired in March 2010, and resumed operations in March 2011 following an extensive refurbishment program.

While significantly higher than the prior year, production in 2011 was impacted by mechanical issues and wet weather at Simberi and restricted access to high grade ore at Gold Ridge.

by RTTNews Staff Writer

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