StockMarketWire.com - Griffin Mining swung to a first-half loss as revenue fell sharply as Covid-19 related disruptions dented production.

For the six months ended 30th June 2020, the company reported a pre-tax loss of $3.8m compared with a profit of $6.3m on-year, as revenue slipped 45% to $21.3m.

The first six months of 2020 were impacted by the suspension in operations at Caijiaying in China for one month and subsequent travel restrictions, the company said.

Tonnes mined fell 23.4% in the first six months of 2020 compared with that achieved in the first six months of 2019.

Profitability was further impacted by lower zinc prices received which were 18.0% less than that realised in the first six months of 2019.

Looking ahead, the company touted a stronger second half as operations normalised.

'A slow first half of any year is not unusual for Griffin and we expect a stronger and more robust performance in the second half of 2020 as we return to a normal operating environment,' the company said.


At 9:49am: [LON:GFM] Griffin Mining share price was -2.5p at 38p



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