Westgold swings to loss

DESPITE higher revenue from higher gold production, Westgold Resources has posted a modest half-year loss.

Westgold swings to loss Westgold swings to loss Westgold swings to loss Westgold swings to loss Westgold swings to loss

The company posted a net loss after tax of A$713,620 for the six months to December 31, down from a profit of $12.4 million for the same corresponding period of 2016.

While revenue rose by $13 million to $219.2 million, the cost of sales rose by $23 million to $211.5 million.

Gold production for the half was 134,382 ounces at all-in sustaining costs of $1338 an ounce.

Cashflow from operating activities dropped from $48.2 million to $19.5 million.

The gold miner aims to increase production from 267,000oz in the 2017 financial year to over 400,000oz.

As a result, cashflows used in investing activities rose by more than $20 million to $79.5 million du...