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Southern Alliance Mining's Profit Plummets 62% in Six Months to January; Shares Drop 3%

MT Newswires ·  {{timeTz}}

04 :38 AM EDT, 03/17/2022 (MT Newswires) -- Southern Alliance Mining's (SGX:QNS) after-tax profit plummeted 62.4% to 19.4 million ringgit ($4.6 million) in the fiscal first half ended Jan. 31, from 51.4 million ringgit a year earlier.

Earnings per share fell to 0.0396 ringgit, from 0.1051 ringgit in the year-ago period, according to a Wednesday bourse disclosure.

Revenue for the period dropped 35.2% year over year to 98.5 million ringgit, from 152.1 million ringgit, mainly due to overburden removal activities carried out at Chaah Mine, which resulted in a lower volume of ore extraction during the period.

Shares of the iron ore company were down nearly 3% recently.

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