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Richland 1H Revenue -9%, Queensland Project Hits Profits
Oct 1, 2015 9:07 AM
By Rapaport News
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RAPAPORT... Richland Resources reported a 9 percent drop in revenue for the first half to June 30 to $278,000 as profitability indicators also took a slide as a result of major investments in a new Australian sapphire project.
The turnover figure, down on $306,000 for the first six months of 2014, fell because of changes to online sales caused by the migration, rebranding and relaunching of its web platform following the offloading of its Tanzanian operations.
The gemstones producer and developer said its operating loss for the period more than doubled to $973,000 in the first half of 2015 as a result of the development costs associated with the Capricorn Sapphire project in Central Queensland acquired in June 2014.
Its gross margin fell to 28 percent from 41 percent in the same period in 2014.
The company said 3,000 carats of sapphires were recovered from the Capricorn Sapphire project during the half-year, after work started on preparation and excavation of the first open pit on April 13, eight months after the acquisition.
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Tags:
Australia, gemstones, Rapaport News, sapphires
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