Brisbane, Feb 20, 2009 AEST (ABN Newswire) - North Queensland Metals Limited (ASX:NQM) For the half year reported a net profit after tax of $6,379,359, a robust result only 12 months after acquiring the Pajingo gold mine.
Recent high Australian gold prices provided NQM with strong revenue for the half year of almost $20 million. Increased gold production of 17,975 ounces (NQM share), combined with a focus on cost minimisation, resulted in a gross margin for the group of 33%.
This solid performance is also reflected in the cashflow from operating activities of $5.7 million. The generation of this cash allowed the company to self fund the exploration of other tenements at both Pajingo and the Herberton region. Overall cash increased by $2.7 million resulting in a balance of $5.3 million at 31 Dec 08, with $4.1 million of this being used as a guarantee for the statutory environmental bond.
Net profit before tax was $4.7 million. A tax credit of $1.7 million resulted from the recognition of carried forward tax losses of $3.1 million and gave a net profit after tax of $6.4 million. The balance sheet of NQM continues to strengthen with total assets of $49 million and total liabilities of $9.8 million. NQM remains unencumbered by debt or finance obligations.
For the full half year report please see the link below.
Link: http://www.abnnewswire.net/media/en/docs/60164-ASX-NQM-207951.pdf
Contact
John D McKinstry
Chief Executive Officer
North Queensland Metals Limited
Tel: +61-1300-308-832
Fax: +61-7-3666-0510
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