AIM-listed Goldplat, which operates gold recovery facilities in South Africa and Ghana, posted an operating profit of £694,000 ($937, 964) for the quarter ended March 31—a decline from £1.62 million ($2.19 million) in the same period last year.
Despite weaker earnings, the company noted progress in cost controls, processing improvements, and strategic expansions.
Pretax profit also fell to £769,000 ($1 million) from £890,000 ($1.2 million) in the third quarter (Q3) of 2024 financial year, with its South African operations reporting a sharp drop to £10,000 ($13, 515) from £119,000 ($160, 831).
Goldplat attributed the subdued performance to reduced supply from mining partners but emphasised stable production and cost-saving measures.
The company is diversifying its South African operations by testing platinum group metals (PGMs) processing and expects stronger market engagement in the fourth quarter.
In Ghana, where profits dipped to £684,000 ($924,445) from £1.5 million ($2 million), Goldplat is investing £1.1 million ($1.5 million) to expand plant capacity.
“During the period, we have had encouraging engagements with gold producers in South Africa and we are confident that we will be able to increase our market share in South Africa during the fourth quarter and support the supply of by-products into the next financial period,” the company said.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
