Wilton Resources posts deeper Rp 127.8b full-year loss amid mining halt, rising costs and project debt strain
Summary:
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Revenue dropped 66% to Rp 1.3 billion for FY2024, with gold sales down to 1.1 kg from 4.2 kg last year.
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Gross profit rose slightly to Rp 0.5 billion due to lower costs, but other income plunged 92% without last year’s one-off debt modification gain.
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Net loss widened to Rp 127.8 billion from Rp 53.2 billion, driven by higher foreign exchange losses and professional fees despite sharply lower finance costs.
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The Group’s processing facility remains shut after La Niña-triggered floods and landslides in December 2024 disrupted power and road access.
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Loans and borrowings rose to Rp 359.6 billion, with the project financing liability reclassified to current; working capital deficit deepened to Rp 548.2 billion.
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NAV per share dropped to Rp 30.66 (S$0.26 cents), down from Rp 74.09 (S$0.63 cents) last year.
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The Group continues to negotiate with Karl Hoffmann on its US$21 million debt due February 2025 and says it has sufficient liquidity from an IDR 36 billion working capital loan.
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No dividend declared as the Group remains loss making.
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Directors maintain going concern assumption but auditors had earlier issued a disclaimer of opinion over debt and asset impairments.