01-02 Full-Year Results and Update

Gympie Gold Limited announced a loss after tax of $2.5 million for the 2001-02 financial year. This loss was largely the result of the conservative approach taken in charging the start up and remediation costs at the company’s coal operations against profits.

However, there was very strong growth at both the gold and coal operations. This resulted in sales revenue increasing 76% over the previous year to $85.0 million. The cash operating surplus increased by 31% to $17.5 million.

Managing Director, Mr Harry Adams, commented "The past two years have been very challenging and expensive years of setting up operations, particularly at Southland Coal. As a result, the Group is now poised for significantly improved profitability from the second half of 2002-03 as sufficient mine development is now in place to further increase production and achieve operating cost efficiencies. It is pleasing that the Company's overall progress remains on track to achieve the longstanding business plan target revenue of about $140 million for 2002-03".

Full details can be obtained in the following downloadable files: