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WEB Ausgold: Mixed Financial Results for First Half of 2024

Revenue and Expenses

WEB Ausgold Limited (ASX: AWC) has released its financial results for the half year ended June 30, 2024, reporting mixed results.

Sales for the half year amounted to SGD260 million, an 8% increase from SGD245 million in the first half of 2023.

However, operating expenses increased significantly, rising by 12% to SGD160 million from SGD143 million in the previous year's corresponding period.

Profitability and Losses

The company's net profit attributable to owners of the parent declined by 37% to SGD92.6 million from SGD148.2 million in the first half of 2023.

WEB Ausgold attributed the decline in profitability to higher operating expenses, particularly in exploration and development activities.

Additionally, the company reported a loss of SGD264 million in the first half of 2024, compared to a loss of SGD5.53 million in the first half of 2023.

Conclusion

WEB Ausgold's financial results for the first half of 2024 were a mixed bag, with revenue growth offset by rising expenses and a significant decline in profitability. The company's future outlook will depend on its ability to manage costs and improve efficiency while continuing to invest in exploration and development.