Goldplat, the chairman Brian Moritz said Monday that the profit before tax for six months ending Dec. 31 2008 is GBP1,201,000 (2007: GBP624,000) an increase of 92% and profit after tax has seen an increase of 113% at GBP806,000 (2007: GBP379,000).
"The profit after tax benefits from the increasing profits generated in Ghana, where our wholly owned subsidiary has a 10 year 'tax holiday' as a new business in Ghana", he said.
The profit before tax indicated is after allowing for the 15% minority interest due to our BEE partner in South Africa post acquisition.
In December 2008 the Company issued options to Directors and senior management to acquire new Goldplat ordinary shares.
This will give rise to charges in the Group Income Statement over the next two years, although reserves in total will not be reduced.
No charge has been made in the Income Statement for the six months to 31 December 2008 as the amount is not considered material.
"During the period under review, we have maintained our strong growth profile and as a result have increased our cash position to GBP2.5 million".
"Revenue was contributed from both the South African and Ghanaian recovery operations which have been further reinforced following the securing of additional stockpiles of gold bearing materials which will increase the production potential of our operations".
"Post period end, we commenced production at our Kilimapesa gold mining project in Kenya which is expected to make an operational profit from Q2, 2009, which will fund the development of the underground mine", he said.
"On a broader level we continue to evaluate additional mining opportunities in line with our growth strategy of developing further cash generative assets in Africa and building a mid tier gold producing company".