OPP in the red
Otago Press and Produce, the New Zealandbased goldmining group, has reported a loss of $4.18 million for the year ended. March 31. The loss included extraordinary items of $2,593,971. These included the write-off of goodwill from the purchase of Cinnebar Management ($1,200,000), the loss of a joint venture formed with Barringer Resources — a Colorado-based geoscience group — ($601,855), and adjustments relating to the restructuring of the group’s Australian interests ($195,000). Operating revenue was $586,676, compared with $53,222 the previous year. The company recovered 880 oz of gold during the year.
The net operating loss of $1,594,656 compared with last year’s loss of $1,201,325.
No dividend was recommended.
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Bibliographic details
Press, 16 August 1988, Page 23
Word Count
110OPP in the red Press, 16 August 1988, Page 23
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