31/08/2017 - 10:26

Doray flags $71m loss

31/08/2017 - 10:26

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Doray Minerals has flagged a $71.7 million net loss for the 2017 financial year, on the back of a large impairment charge.

Doray flags $71m loss
Doray says it will record a $41.9 million impairment on its Deflector operation in its full-year accoutns.

Doray Minerals has flagged a $71.7 million net loss for the 2017 financial year, on the back of a large impairment charge.

Perth-based Doray said revenue would come in 40 per cent higher to $183 million, but profit would dip into the red after a $16.5 million profit in FY16.

The company has foreshadowed a $69.5 million non-cash impairment, with $47 million previously reported in its half-year accounts associated with the shutdown of operations at its Andy Well mine, and a write-down in the value of its Deflector operation.

Doray said today its Deflector mine would be subject to a further $19.2 million impairment in its full-year accounts.

“This impairment is primarily due to the completion of a new life of mine plan which utilises current cost and projections to calculate future estimated cash flows,” Doray said.

Its full-year report will be released in September.

Doray shares were 2.2 per cent lower to 22 cents each at 10:30am.

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