Gold miner Catalpa Resources Ltd
(ASX:CAH) has reported a maiden $3 million first half pre-tax profit from a loss the year before, underpinned by record gold production.
In the six months to 31 December 2010 net profit after tax was $2 million, from a loss of $3.7 million the same time a year before.
Catalpa says it achieved gold sales from the Edna May and Cracow Gold Projects of 46,600 ounces at an average realised gold price of $1492 per ounce.
Managing director and CEO Bruce Fadzean says the company’s maiden profit follows a period in which the company has moved from an explorer and developer into a gold miner.
In the year to 30 June 2010 Catalpa Resources booked a net profit of $5.5 million, rebounding from a loss the year before.
