Oakbay narrows FY losses

Higher gold production and improved grades in the second half of the 2015 financial year led to JSE-listed Oakbay Resources and Energy narrowing its overall losses for the full year by 84%, while its gross and operating profit swung back into the black. Posting its maiden results since listing on the JSE in November, the company reported a total comprehensive loss of R38.6-million for the year to February 28, a significant turnaround on the loss of R236-million posted in the prior year.