Deutsche Rohstoff AG: Almonty reports strong increase in sales and earnings in the second quarter
Net income CAD 3,8 milion/First half sales +63%Mannheim. Almonty Industries, in which Deutsche Rohstoff holds a 13.5% stake, published their second quarter financials of the 2017/2018 financial year today. Revenue increased to CAD 17.3 million in the second quarter (EUR 11.5 million), which corresponds to an increase of 61% compared to the first quarter (CAD 10.8 million/ EUR 7.1 million). In the first half of the financial year 2017/2018, sales increased by 63% to CAD 28.1 million (EUR 18.6 million).
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to CAD 7.6 million (EUR 5.0 million) in the second quarter after CAD 3.0 million (EUR 2.0 million) in the first quarter. For the first half of 2017/2018, the company reported an EBITDA of CAD 10.6 million (EUR 7.0 million), compared to CAD 0.5 million (EUR 0.3 million) in the previous year.
Net income for the second quarter amounted to CAD 3.8 million (EUR 2.5 million), or 2 cents per share, compared to a loss of USD 2.1 million in the first quarter (EUR 1.4 million). Net income for the first half of 2017/18 amounted to CAD 1.6 million (EUR 1.1 million) after a loss of CAD 8.1 million (EUR 5.4 million) in the same period last year.
In the second quarter, Almonty benefited from increased production at its mines in Panasqueira, Portugal and Los Santos, Spain, as well as significantly higher prices. For the current quarter, the company expects to surpass the second quarter in revenue and earnings.
A detailed presentation of the quarterly and semi-annual results can be found on Almonty's homepage (www.almonty.com).
Mannheim, 22 May 2018
Deutsche Rohstoff identifies, develops and divests attractive resource projects in North America, Australia and Europe. The focus is on the development of oil and gas opportunities within the United States. Metals, such as gold, copper, rare earth elements, tungsten and tin complete our portfolio. For more information please visit www.rohstoff.de.
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