Endeavour Mining PLC said Thursday that it swung to a fourth quarter pretax loss on a one-off impairment of goodwill, though revenue rose.
The mining company, which owns several gold mines in West Africa, booked a pretax loss of $299 million in the fourth quarter, compared with from $132 million profit in the third quarter. This reflects a large impairment of $360.3 million, relating to the mining interest at the Boungou and Wahgnion mines, following updates to the life of mine plans.
Loss per share from continuing operations stood at $1.04 for the period, from earnings per share of $0.23 in the preceding quarter. On an adjusted basis, earnings per share from continuing operations however rose to $0.26, from $0.22.
Revenue was $617 million compared with $570 million, rising on higher gold sales and prices.
For the whole of 2022, Endeavour made a net loss of $66 million, swinging from a net profit of $245 million in 2021.
Back in January, the group proposed a dividend of $0.41 a share for the second half, which brings the total for the year up to around $0.81.