small loss as expected 4 cents loss. mostly bad hedges. Still able to reduce debt by a bit. Positive result before write offs.
Table 2 – Financial Summary
| | | | |
| Quarter ended 31 Mar 2020 | Q1 | Q4 | Q1 |
| (US$m) | 31 Mar 2020 | 31 Dec 2019 | 31 Mar 2019 |
| Revenue | 138.2 | 152.1 | 179.5 |
| Cost of sales, excluding depreciation and amortization | (74.0) | (81.5) | (101.0) |
| General and administration – other | (19.4) | (22.4) | (11.6) |
| General and administration – indirect taxes (1) | (1.2) | (3.4) | (2.8) |
| Foreign currency exchange gain/(loss) | (1.3) | 0.2 | (0.2) |
| Other income/(expense) | 0.1 | 0.2 | 0.5 |
| EBITDA (excluding gain/(loss) on undesignated hedges and impairment charge) | 42.4 | 45.2 | 64.4 |
| Depreciation and amortization | (50.1) | (50.1) | (40.4) |
| Net interest expense and finance costs | (2.8) | (3.0) | (3.6) |
| Earnings before income tax (excluding gain/(loss) on undesignated hedges and impairment charge) | (10.5) | (7.9) | 20.4 |
| Income tax (expense)/ benefit on earnings | (0.2) | 7.2 | (4.4) |
| Earnings after income tax and before gain/(loss) on undesignated hedges and impairment charge | (10.7) | (0.7) | 16.0 |
| Write off deferred exploration expenditure / investment | - | (4.0) | (4.6) |
| Gain/(loss) on fair value of undesignated hedges | (21.2) | 18.6 | 1.4 |
| Tax (expense) / benefit on gain/loss on undesignated hedges | 5.9 | (5.2) | (0.4) |
| Share of loss from equity accounted associates | - | (0.1) | (0.0) |
| Net Profit/(loss) | (26.0) | 8.7 | 12.4 |
| Basic earnings/(loss) per share | $(0.04) | $0.01 | $0.02 |
| Diluted earnings/(loss) per share | $(0.04) | $0.01 | $0.02 |
| (3) | Represents production-based taxes in the Philippines specifically excise tax, local business and property taxes. |
| (4) | The Company did not record any revenue or cost of sales from the Didipio mine during the second half of 2019. In addition, General and Administration - other, includes non-production costs related to maintaining Didipio's operational readiness of $8.4 million in the first quarter of 2020 compared to $10.1 million in the fourth quarter in 2019. |