egolinews.com

Westgold Resources Limited (WGR) posted a consolidated profit for the half year ended 31 December 2009 of $735,248, compared to a loss of about $3.23 million a year earlier. However, the gold and base metals explorer said the profit for the half-year included a reversal of a $2.12 million provision for diminution in investment in relation to the company’s investment in Aragon Resources Limited (AAG) incurred in a prior period. Westgold said excluding the above reversal it incurred a loss of approximately $1.39 million, which was lower than the loss incurred in the prior comparative period due to an impairment of $1.79 million incurred in the prior period.

Filed under:
Resource Wrap by egoli