Business
Corrected: Abcourt Declares a Net Profit of $2,4 M for the 12-Month Period Ended on June 30, 2021
(TheNewswire) Rouyn-Noranda, Québec, Canada – TheNewswire - ...
About this update from Abcourt Mines, Inc. Class B
[{"type":"text","content":"Corrected: Abcourt Declares a Net Profit of $2,4 M for the 12-Month Period Ended on June 30, 2021\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Rouyn-Noranda, Québec, Canada –\n \n \n TheNewswire -\n \n \n October 29, 2021 -\nAbcourt Mines Inc.\n \n \n (TSXV:ABI\n \n \n )\n \n \n ,\n \n \n (OTC:ABMBF),\n \n \n (\n \n \n Berlin:AML-BE\n \n \n )\n \n \n and\n \n \n (\n \n \n Frankfurt Stock\nExchanges:AML-FF) (\"Abcourt\" or the\n\"Corporation\"), Abcourt declares excellent results for the\n12-month period ended on June 30, 2021, with $3,4 M in gross profits\nand $ 2,4 M in net profits despite 5 weeks of interruption to repair\nthe hoist motor at Elder. All amounts are in canadian dollars unless\nindicated differently.\n \n \n \n \n HIGHLIGHTS:\n \n \n \n \n \n \n - Revenues of $ 27.6 M in 2021, compared to $ 24.0 M in\n2020, an increase of 15 %.\n \n \n \n \n - Net profit of $ 2.4M in 2021 and $ 359 K in\n2020.\n \n \n \n \n - Gross profit of $ 3.4 M 2021, compared to $ 1.9 M in\n2020, an increase of 80 %.\n \n \n \n \n - Adjusted net profit of $ 5.1 M in 2021, compared to $\n4.2 M in 2020, an increase of 21 %.\n \n \n \n \n - Cost of sales of $ 24.2 M in 2021, compared to $ 22.1\nM in 2020, an increase of 9,5 %.\n \n \n \n \n - $ 2.4 M of cash on June 30, 2021, compared to $ 2.0 M\nin June 30, 2020, an increase of 20 %.\n \n \n \n \n - Gold inventory of $ 2.5 M in 2021, comparable to the\nJune, 30, 2020 amount, hence no change.\n \n \n \n \n - Cash cost of CDN $ 1,845 (US $ 1,444) in 2021,\ncompared to CDN $ 1,636 (US $ 1,228) in 2020, an increase of 12,5\n%.\n \n \n \n \n - 11, 398 ounces produced 11, 659 ounces sold in 2021\ncompared to 12, 180 ounces produced 11,640 ounces sold, hence a drop\nof 6,8 % for the ounces produced and no change in the ounces\nsold.\n \n \n \n \n - Net profit of $ 547 K in the fourth quarter of 2021,\ncompared to $ 431 K in 2020, an increase of\n \n \n \n \n \n \n 27 %.\n \n \n \n \n We are very satisfied with these results.\n \n \n \n \n NOMINATION :\n \n \n \n \n The Company is pleased to announce that Mr François\nMestrallet a director of the company since December 2013 has been\npromoted to the post of Board chairman on October 15, 2021. He\nsucceeds Mr Renaud Hinse who has presided Board meetings for many\nyears since the acquisition of the Company in December 1979. Mr Hinse\...