The Independence Group NL (ASX: IGO) share price sunk as much as 5% lower today following the release of its half-year financial results.

In the six-month period ended 31 December 2015, Independence Group reported a 19.7% fall in revenue to $220 million and a loss of $78 million, down from a profit of $49 million in the prior corresponding period.

A total of $35.5 million in impairment charges on exploration assets and acquisition costs associated with the Sirius transaction (totalling $66.9 million) were the primary catalysts for the profit fall.

The company’s Tropicana operation was the best performer, delivering an operating profit of $41 million, while the Long and Jaguar operations contributed a loss of $1.7 million and profit of $1.4 million, respectively.

With its cash balance falling from $121.3 million to $59.9 million, the company’s board chose not to pay an interim dividend. That compares to a 6 cents per share payment last year.

Looking ahead the company is tipping a slightly tougher end of the year at the Tropicana operation, with forecast gold production (at 30% ownership share) to be between 129,000 ounces and 141,000 ounces. That compares to the 75,584 ounces produced in the first half. Unit costs at the Long and Jaguar operations are expected to improve in the second half.

Our top stock pick - free

Our expert analysts recently hand-picked their top technology stock idea for 2016. Best of all: their top stock pick of 2016 is yours free! Just click here, enter your email address, and we'll send you their research report. No credit card details or payment required.

HOT OFF THE PRESSES: Motley Fool’s #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.

Motley Fool writer/analyst Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.