07:39 AM EST, 11/29/2024 (MT Newswires) -- Soma Gold (SOMA.V), which operates in Brazil and Colombia, overnight Thursday said third-quarter profit plunged to $1.2 million, or $0.01 per share, from $3.2 million, or $0.04 per share, last year.

Higher expenses and $1.1 million in depreciation, an increase of 36% on the same quarter last year, pulled down results, the company said.

Revenue of $22.4 million was slightly lower than the prior year period's $22.8 million. Soma said that although gold equivalent sales fell from 9,112 ounces to 6,612 ounces, the average price per ounce sold increased to $3,449 from $2,556.

"The blockade in Q3 by the local community, which stemmed from frustration over the pace of road improvements promised by the Municipality of Zaragoza in cooperation with Soma, restricted access to the company's Cordero Mine and El Bagre Mill," said CEO Geoff Hampson. "The issue was resolved, and the blockade was lifted after eight days. The shutdown halted both operations, reducing gold output by approximately 750 ounces."

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