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LionGold issues profit warning

Investment holding company LionGold said in a stock exchange filing on Tuesday that it expects to report a loss before tax for the financial year ended on March 31.

SINGAPORE: Investment holding company LionGold said in a stock exchange filing on Tuesday that it expects to report a loss before tax for the financial year ended on March 31.

The mainboard-listed company attributed that mainly to care and maintenance costs from its operations in Bolivia and Ghana, and substantial losses arising from unrealised loss on financial assets at fair value through profit and loss, as well as from impairment loss on goodwill and exploration and evaluation expenditure.

LionGold was among the companies involved in the penny stock scandal last year.

Their shares enjoyed dramatic run-ups in price earlier last year before collapsing in October, wiping billions of dollars in market capitalisation. 

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