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Ormonde Mining posts modest profit following Spanish asset sale
StockMarketWire.com
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Mining group Ormonde Mining swung to a modest annual profit after banked gains from an asset disposal.
Net profit for the year through December amounted to €0.46 million, compared to a year-on-year loss of €11.3 million.
Ormonde recently sold a 30% interest in the Barruecopardo tungsten mine in Spain.
When profits and losses from discontinued operations were excluded, its pre-tax losses amounted to €1.14 million, compared to year-on-year losses of €0.90 million.
Ormonde said it was focusing its efforts on new opportunities for the deployment of its capital, while continuing to review the best route to generate value from its remaining Spanish assets.
At 9:03am: (LON:ORM) Ormonde Mining PLC share price was 0p at 1.13p
Story provided by StockMarketWire.com
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