Kenmare falls 10% after loss reported

Shares in Irish mining company, Kenmare Resources fell by nearly 10% yesterday after it showed a net loss for the first half of the year and reported a slowing demand for some areas of its mineral output.

The Dublin-based firm — which owns and operates the Moma Titanium mine in Mozambique — yesterday reported a net loss of $10.2m (€7.65m) for the first six months of 2013; down from a net profit of $38.8m for the same period last year. Operating profit sank from $47m to $6.9m, on an annualised basis, and revenue fell by just over 27% to $79.3m.

On the back of that, Kenmare’s share price closed at 31c, down by nearly 8.5% on Tuesday’s close, although the drop was even more pronounced earlier in the day.