Amoil loss for six months to Sept 30
Amoil N.Z., Ltd, had an unaudited group net loss for the six months to September 30 of $371,031 (1975, $74,014 loss) after writing off mineral prospecting expenditure of $57,227 ($57,720). Depreciation written-off was $31,186 ($8555) and the provision fc r taxation was $23,136 (27,958).
The “Kanieri” dredge recommenced dredging in the lower Tasamakau River during June, and recoveries of gold to September 30 amounted to only 879 ounces. “Kanieri” therefore incurred a loss for the half-year of
$309,937. In addition, amortisation of $21,520 has been charged against the dredge, reducing its book value to $371,603. Because of the outflow of funds caused by Kanieri’s losses, the decision was made to cease active mineral exploration through the associ-j ate company, Gold Mines of I New Zealand Limited. This! expenditure ceased on December 31. The loss was after including two months income, from |.1.8.L. Minerals (N.Z.), Ltd. (which is a 66 per cent owned (subsidiary of Amoil.
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Bibliographic details
Press, 25 February 1977, Page 18
Word Count
163Amoil loss for six months to Sept 30 Press, 25 February 1977, Page 18
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