Allied Gold posts a FY profit turnaround

Company News

Allied Gold Ltd (ASX:ALD) has turned around a loss last year, to post a net profit of $10.2 million for fiscal 2010.

The miner says a number of factors contributed to the improvement, such as a gain of $37 million recognised as the difference between the net assets acquired and $42 million paid for Australia Solomons Gold project.

Allied Gold says exploration expenses came to $9.5 million in the period, with increased exploration forecast for the year ahead.

The miner will invest around $150 million in its Gold Ridge development, that is expected to pour its first gold in March 2011.

Allied Gold reported a loss of $8.23 million for the year to 30 June 2009, and has turned around the result to a profit of $10.2 million this year.