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Chaarat Gold reported wider losses as revenue was offset by higher costs.
For the six-month period ended 30 June 2019, pre-tax losses widened to $12.4m from $5.1m and revenue was $31.0m.
A positive earnings (EBITDA) contribution from Kapan of $3.2m was offset by depreciation and amortisation as well as corporate and overhead costs of USD6.5m at head office and in the Kyrgyz Republic to fund the ongoing development of the group.
The increased operating loss of USD7.5m compared with USD3.7m in the first half of 2018 resulted mainly from the higher level of corporate and development activity in the company, Chaarat said.
'We look forward to the second half of the financial year, in which we expect to have bedded down our newly acquired Armenian gold mine, while further advancing our next producing asset, Tulkubash,' the company said.
At 8:00am: (LON:CGH) Chaarat Gold Holdings Ltd share price was -0.3p at 27.4p