LOS ANGELES, Dec. 02, 2016 (GLOBE NEWSWIRE) -- WGE Holdings Corp. (OTC:WGEE), to be renamed Consolidated Gold Holdings, today announced its gold production operations generated revenue of $1.35 million for the third quarter ended September 30, 2016 – representing a 34 percent increase from revenue of $1.0 million recorded in the three months ended June 30, 2016.
The company completed a process of reorganization and integration following its acquisition of an established and operational gold production platform in South East Asia earlier in 2016, and year-over-year comparisons are not applicable. The company is currently an “alternative reporting” company and its financial results are reported on a U.S.-GAAP basis.
Net profit for the third quarter increased 41 percent to $596,000 from $422,000 for the quarter ended June 30, 2016.
The company noted that performance of its gold production facilities in Indonesia has steadily increased during the past several months, supported by increases in gold prices and higher ore yields derived from its mining operations in Western Sulawesi Province. It currently operates two independent gold production facilities in Northern Indonesia with a total reserve area exceeding 60 hectares, and monthly production capacity of 20kg (approximately 650 oz.) of 99 percent pure gold.
About WGE Holdings Corp.
WGE Holdings Corp. (to be renamed Consolidated Gold Holdings Corp.) is a company with a strategic, high growth investment platform targeting countries in South East Asia, one of the world’s best performing economic regions, with a specific focus on mining and production of gold. The company has operating gold mines in Indonesia and is in the process of acquiring additional capacity through acquisition of additional reserves and production capacity both in Indonesia and the Philippines. The company’s gold production costs are amongst the lowest in the industry.
Some of the statements contained in this news release discuss future expectations, contain projections of results of operations or financial condition or state other “forward-looking” information. These statements are subject to known and unknown risks, uncertainties, and other factors that could cause the actual results to differ materially from those contemplated by the statements. The forward-looking information is based on various factors and is derived using numerous assumptions that may cause actual results to differ from projections. Words such as “anticipates,'' “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.