Goldplat plc (LON:GDP) have seen their shares crash on Monday following the releasing of their interim results.

The gold miner said that they had swung to an interim profit, in the six month period which ended December 31.

The firm said that an increase in the price of gold and improved performance drove the results in the direction of a profit.

Across the six month period, Coldplay posted pretax profit of £1.6 million compared to a loss of £837,000 the year prior – which is an impressive accomplishment for the firm.

Revenue however did slip for the firm, as this totaled £12.5 million seeing a 3.2% decline from £12.8 million one year ago.

Goldplat in particular praised the strong performance of its operations in both South Africa and Ghana.

At their Kilimapesa mine the firm reported reduced losses due to the Kenyan Revenue Authorities paying £523,000 in VAT reclaims.

The Chairman of Goldplat, Matthew Robinson commented:

“I am delighted to report that Goldplat continues to deliver effectively on its stated strategic objectives at its operating subsidiaries. Our portfolio of core assets consists of two gold recovery operations in South Africa and Ghana, which recover gold from by-products of the mining process, thereby providing mines with an environmentally-friendly and cost-efficient way of removing waste material, and the Kilimapesa Gold Mine in Kenya, currently under care and maintenance.

The progress made on key initiatives to increase long term visibility of earnings in the recovery businesses, specifically improved recovery on lower grade contaminated material and strengthened relationships within mining industry, are encouraging. Although monthly production levels are still dependent on sourcing of quality material, we are confident that at current higher gold prices, we will remain profitable for remainder of the year.”

Goldplat’s strong third quarter

At the end of October, the firm told the market that they had seen rising profits in the third quarter.

Sales were up by almost a third to £4.5 million at its main Goldpat Recovery business after a tough 2018 trading year.

For one of its significant operations, Goldplat Recovery business, the firm said sales were up by almost a third to £4.5 million, compared to £3.4 million in the same period last year.

The producer also unveiled plans to increase the life of its near-capacity tailings storage facility by 12 to 18 months at a cost of £250,000.

Alongside this plans were confirmed to start building a new storage facility to be approved, constructed and commissioned during the next year, set to cost between £500,000 to £700,000.

The group said that operations in Ghana had increased to £23,000 profit in the third quarter, while Kilimapesa Gold halved its losses from the previous quarter to £127,000 due to a reduction in costs after it was put on care and maintenance.

Shares in Goldplat trade at 6p (-15.51%). 24/2/20 13:25BST.