Business
BQE Water Reports Q1 2019 Results
(via TheNewswire) May 22, 2019 / TheNewswire / VANCOUVER, BC - BQE Water In...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q1 2019 Results(via TheNewswire)\n \n \nMay 22, 2019 / TheNewswire / VANCOUVER, BC - BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its interim consolidated financial results for the three months ended March 31, 2019.\n\n\n \n0.2Q1 2019 FINANCIAL HIGHLIGHTS\n\n\n \n\n\nMost successful Q1 financial results compared to prior years for the same period; \n\n\n\nAdjusted EBITDA was a loss of $80,000 compared to a loss of $418,000 in Q1 2018, which is a significant improvement compared to the average Adjusted EBITDA loss from the first quarter of 2015 to 2017 was $549,000;\n\n\n\nProportional Revenues of $2 million compared to $1.3 million in Q1 2018;\n\n\n\nNet loss as reported under GAAP was $327,000 compared to $601,000 in Q1 2018; and\n\n\n\nProportional Cash, which includes our share held in joint ventures, as of March 31, 2019 was $2.5 million compared to $2 million at March 31, 2018, and to $3.2 million at the end of 2018.\n\n\n\n \n \n0.3Q1 2019 OPERATIONAL SERVICES HIGHLIGHTS\n\n\n \nOur operational services consist of the operation of water treatment plants, which generates recurring revenues for the Company from two main sources: from the sales of recovered metals and from water treatment fees.\n\n \n \nRevenues from Sales of Recovered Metals\n\n\n \nThe Company operates four water treatment plants that generate revenues from the sale of recovered metals, three plants operating under the JCC-BQE Joint Venture and one plant operating under the MWT-BQE Joint Venture. \n\n \n \nJCC-BQE Joint Venture (\"JCC-BQE\")\n\n\n \nOur joint venture with partner Jiangxi Copper Company (\"JCC\") operates three water treatment plants at the Dexing and Yinshan Mines in Jiangxi province of China. The volume of water treated and pounds of copper recovered by the plants fluctuate seasonally depending on precipitation levels in the region. The operating results for JCC-BQE in Q1 2019 are as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 months ended Mar. 31\n\n\n \n\n\n2019\n\n\n\n\n2018\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n5,809\n\n\n\n\n3,544\n\n\n\n\nCopper recovered (pounds)\n\n\n\n\n782\n\n\n\n\n440\n\n\n \n \nDuring Q1 2019, all three plants met or exceeded mechanical availability and process performance. The volume of water treated and the mass of c...