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Why is the Venturex (ASX:VXR) share price crashing today?

The Venturex Resources share price is falling hard today, down 16% in late morning trade. We look at ASX resource share’s half year results.
The post Why is the Venturex (ASX:VXR) share price crashing today? appeared first on The Motley Fool Australia. –

asx share price crash represented by iron ball smashing into piggy bank

The Venturex Resources Ltd (ASX: VXR) share price is falling hard today, down 16% in late morning trade.

Venturex closed yesterday at 51 cents per share and is currently trading at 44 cents per share, down 15%.

Below we take a look at the ASX mining company’s half year results for the financial year ending 31 December (H1 FY21), released yesterday after market close.

Financial results for H1 FY21

Venturex shares are tumbling today after the company reported a consolidated loss (both before and after income tax) of $2,789,000. That compares to a loss of $2,775,000 in the prior corresponding period. (Note, figures rounded to the nearest thousand.)

Basic and diluted loss per share both came in at 0.75 cents compared to 0.99 cent loss per share in H1 FY20.

Venturex ended the half-year with cash and cash equivalents of $2,595,000. This was up from $2,257,000 in the corresponding prior half-year. Borrowing fell to $1,171,000 from $2,088,000.

The company did not pay any dividends for the half year.

Venturex reported that during the half year its focus remained on “the further advancement to development of the Sulphur Springs Copper-Zinc Project” and the ASX resource explorer “continued to explore its tenements, which are located in the Pilbara in Western Australia”.

Management said that due to continued uncertainty surrounding the COVID-19 pandemic, forecasting the potential impact on future operations was not practicable.

Share price snapshot

The Venturex share price has been a star performer over the past 12 months, with shares really taking in February. That rapid boost has seen shares gain 514% since this time last year. By comparison the All Ordinaries Index (ASX: XAO) is up 40% in that same time.

Despite falling hard today, the Venturex Resources share price remains up a stellar 231% in 2021. At the current share price, Venturex has a market cap of $178 million.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why is the Venturex (ASX:VXR) share price crashing today? appeared first on The Motley Fool Australia.

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