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Agincourt posts half year loss of $1.9m

West Perth-based Agincourt Resources Ltd has recorded a half year loss after tax of $1.9 million, compared to the previous corresponding period's $1.3 million profit.
The company made a net profit before tax of $1.1 million, however an income tax expense of $3 million drove NPAT down.
The company said that due to available tax deductions, no income tax would actually be payable with the large income tax expense resulting from the gain realised on the Nova Energy transaction.
Revenue from ordinary activities of $41.5 million was derived from the sale of 60,179 ounces of gold at an average gold price of $611 per ounce and from the $3.8 million gain on the Nova Energy transaction.
Nova Energy listed on the ASX in August last year and issued 32.5 million shares (57 per cent of issued capital) to Agincourt for uranium and infrastructure rights. An IPO was undertaken raising $6 million to conduct a scoping study and to explore other projects in WA and SA.
Looking forward, Agincourt is looking to pursue increased gold production and the reduction of operating costs.

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