B’ville Copper records loss of K7 million

By Hezron KISING
Bougainville Copper Ltd made a consolidated loss after tax of K7.6 million in 2017, chairman Melchior Togolo announced at its annual general meeting yesterday.
This compared to a budgeted loss of K15.2 million and a consolidated loss of K3.78 million in 2016.
As per last year, the financial results are consolidated to include Bougainville Copper Foundation (BCF), which is a wholly-owned subsidiary of the parent company.
It operates as a ‘not-for-profit company’ in supporting students’ sponsorships.
Togolo said consolidated income for 2017 was K7.63 million, which included K5.23 million in interest and dividends and realised gains on the sale of investments of K2.39 million.
“Operating expenses for the year (2017) were K14.83 million (2016:K11.52 million) and were under budget,” he said.
“The company has sufficient funds to meet recurrent expenditure under the current work plan and remain debt free.
“Bougainville Copper Limited will not pay a dividend.”
As of Dec 31, 2017, the company’s liquid assets included K2.51 million in cash and equivalents and K119.02 million in Australia equity investments (2016: K114.47 million).
“Under the current strategy, equities are only sold to help fund ongoing operations,” Togolo said.
“We have classified K12 million of the ‘available for sale’ financial assets as current.”
He said in terms of main shareholders, the Papua New Guinea Government and the ABG each remain the company’s equal largest shareholders with 36.4 per cent of shares.
“PNG Government has previously announced that 17.4 per cent of its shares will be given to the people of Bougainville,” Togolo said.
“The final status of the 17.4 per cent shareholding is yet to be resolved.”