Focus Minerals Limited
(ASX:FML) expects to post a total unaudited first half net loss of $27.4 million.
The gold explorer says the half year loss has been impacted by large expense items including $26 million in amortisation costs and $15 million in royalty payments.
Acting CEO Don Taig says Focus is now leading an action based review towards restoring its business to profitability.
Mr Taig said with the support of major shareholder Shandong Gold, Focus aims to reposition itself as a low cost, high value enterprise.
Despite the profit loss, the company boosted gold production and revenue in its first half, and carries $225.8 million in cash reserves or equivalent.
Focus Minerals generated a net profit of $6.8 million in the 2012 financial year.
