Business Day Good.jpg Gupta-owned Oakbay Resources' loss for year narrows to R17m Robert Laing, Business Day, Johannesburg, 10 June 2016 Gupta-family owned Oakbay Resources released its results for the year to end-February after the market closed on Friday. The results were audited by SizweNtsalubaGobodo who stepped in after KPMG resigned in March. "The group experienced significantly difficult conditions in recent months as a result of adverse and intense media interest surrounding the company's majority shareholder. "These adverse conditions have resulted in the company experiencing a loss of professional service providers, most notably the group's external auditors, sponsors and bankers," the result statement said. The results showed a 66% jump in revenue to R274m for the year to end-February while its loss narrowed to R17m, nearly a quarter of the previous year's R61m. Ajay and Atul Gupta.jpg Oakbay said this was "primarily due to the positive earnings effect of coal contract mining activities undertaken during the year under review". Its flagship Shiva mine near Klerksdorp in the North-West province saw a 1kg drop in gold production to 377kg from the prior year. "With over 200-million pounds of high grade uranium ore, as well as existing processing capabilities, the group's Shiva uranium project represents a significant opportunity to take advantage of the expected upswing in uranium demand in the medium term," Friday's statement said. The group supplemented its income during the year under review by undertaking coal contract mining activities and successfully mined about 1.1-million tonnes of coal at the Brakfontein colliery during the reporting period. Oakbay acquired Brakfontein at the end of February and now mines it for its own benefit rather than as a contract miner, the results statement said. Before the results statement was released, 60 Oakbay shares traded on the JSE in a deal valued at R1,305 which raised its closing price 7% to R23. From: http://www.bdlive.co.za/business/mining/2016/06/10/gupta-owned-oakbay-resour ces-loss-for-year-narrows-to-r17m -- -- You are subscribed. This footer can help you. Please POST your comments to [email protected] or reply to this message. You can visit the group WEB SITE at http://groups.google.com/group/yclsa-eom-forum for different delivery options, pages, files and membership. To UNSUBSCRIBE, please email [email protected] . You don't have to put anything in the "Subject:" field. You don't have to put anything in the message part. All you have to do is to send an e-mail to this address (repeat): [email protected] . --- You received this message because you are subscribed to the Google Groups "YCLSA Discussion Forum" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/yclsa-eom-forum. To view this discussion on the web, visit https://groups.google.com/d/msgid/yclsa-eom-forum/000c01d1c3a6%24c2eb19f0%2448c14dd0%24%40com. For more options, visit https://groups.google.com/d/optout.
