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Southern Alliance Mining Turns to Loss in Fiscal H2 on Lower Volume of Ore Extraction

MT Newswires ·  {{timeTz}}

06:49 AM EDT, 09/29/2022 (MT Newswires) -- Southern Alliance Mining (SGX:QNS) turned to a loss in the fiscal second half ended July 31, due to a lower volume of ore extraction amidst the "intense overburden removal activities" that the Chaah Mine underwent during the period.

The mining and exploration company posted a loss after tax of 3.1 million Malaysian ringgit ($667,025) during the period, or 0.0063 ringgit per share, against a profit of 96.7 million ringgit, or 0.1978 ringgit per share, a year ago.

Revenue for the period plummeted 65.9% year over year to 80.2 million ringgit from 235.3 million ringgit, according to a Wednesday bourse disclosure.

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