Navan Resources has announced a reduction in its loss before tax to $7.2 million (€7.8 million) in 1999, from $12.8 million in 1998. Sales from continuing operations grew to $38.4 million (€42.14 million) from $36.2 million, but total turnover fell due to the disposal of the Hungarian operations.

The turnaround is attributed to an overall improvement in the performance of both the Spanish and Bulgarian operations in the second half of the year, with the fourth quarter producing profits.

Underlying growth in turnover occurred despite lower metal prices, Navan said.

The group achieved a trading profit of $5.8 million (€6.37 million), compared with a loss of $3 million in 1998. "This overall improvement in trading performance can be attributed to better technical performance and lower operating costs," the preliminary statement stated.