Business
BQE Water Reports Q2 2020 Results
(via TheNewswire) VANCOUVER, BC - TheNewswire - August 27, 2020 - BQE W...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q2 2020 Results(via TheNewswire)\n \n \nVANCOUVER, BC - TheNewswire - August 27, 2020 - BQE Water Inc. (TSXV:BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its interim consolidated financial results for the three and six months ended June 30, 2020.\n\n\n \nFINANCIAL HIGHLIGHTS\n\n\n \n\n\n- Adjusted EBITDA of $412,000 in Q2 2020 compared to $756,000 in Q2 2019;\n\n\n\n- Proportional Revenues of $2.8 million in Q2 2020 compared to $3.1 million in Q2 2019;\n\n\n\n- Technical services revenues increased over 35% year-over-year, from $942,000 in Q2 2019 to $1.3 million in Q2 2020, indicating the potential for future operations revenues and continued growth over and above the six treatment plants currently in development;\n\n\n\n- Net loss of $55,000 in Q2 2020 compared to a net income of $345,000 in Q2 2019;\n\n\n\n- Working capital increased by 19% over the six-month period, from $1.8 million at the end of 2019 to $2.2 million at the end of Q2 2020; and\n\n\n\n- Proportional Cash, which includes our share held in joint ventures, as of June 30, 2020 was $3.4 million compared to $2.9 million at March 31, 2020.\n\n\n\n \n \nOPERATIONAL SERVICES HIGHLIGHTS\n\n\n \nOur operational services consist of the operation of water treatment plants, which generate recurring revenues for the Company from two main sources: sales of recovered metals and 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 under the JCC-BQE Joint Venture (\"JCC-BQE\") and one plant under the MWT-BQE Joint Venture (\"MWT-BQE\").\n\n \n \nJCC-BQE Joint Venture\n\n\n \nOur 50/50 joint venture with partner Jiangxi Copper Company (\"JCC\") operates water treatment plants at Dexing Mine and at Yinshan Mine 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 are as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 mos ended Jun. 30\n\n\n\n\n6 mos ended Jun. 30\n\n\n \n\n\n2020\n\n\n\n\n2019\n\n\n\n\n2020\n\n\n\n\n2019\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n5,561\n\n\n\n\n7,347\n\n\n\n\n8,270\n\n\n\n\n13,086\n\n\n\n\nCopper produ...