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Eastern Platinum Limited Reports Annual Financial Results for 2021 and Provides Its Targets for 2022
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Eastern Platinum Limited (TS...
About this update from Eastern Platinum Limited
[{"type":"text","content":"Eastern Platinum Limited Reports Annual Financial Results for 2021 and Provides Its Targets for 2022Vancouver, British Columbia--(Newsfile Corp. - March 25, 2022) - Eastern Platinum Limited (TSX: ELR) (JSE: EPS) (\"Eastplats\" or the \"Company\") is pleased to report that it has filed its Audited Consolidated Financial Statements for the fiscal year ended December 31, 2021 and the corresponding Management's Discussion and Analysis and Annual Information Form. Below is a summary of the Company's financial results for the fourth quarter of 2021 (\"Q4 2021\") and for the fiscal year ended December 31, 2021 (\"FY2021\") (all amounts in USD unless specified) in comparison to the same respective periods in 2020 (\"Q4 2020\" and \"FY2020\", respectively): Revenue for Q4 2021 decreased to $15.6 million (Q4 2020 - $15.8 million), representing a 1.3% decrease. Revenue for FY2021 increased to $68.2 million (FY2020 - $56.1 million), representing a 21.5% increase.Mine operating income increased by $1.4 million (or 93.8%) to $3.0 million in Q4 2021 (Q4 2020 - $1.5 million), resulting in an improved gross margin of 19.1% in Q4 2021 from 9.7% in Q4 2020. Mine operating income in FY2021 increased by $4.1 million (or 73.1%) to $9.6 million (FY2020 - $5.6 million), resulting in an improved gross margin of 14.1% in FY2021 from 9.9% in FY2020.Operating income was $0.2 million in Q4 2021 compared to an operating loss of $0.7 million in Q4 2020. Operating loss improved by $2.5 million to $1.2 million in FY2021 from $3.7 million in FY2020, a 67.2% decrease in operating loss.Net loss attributable to shareholders was $1.9 million ($0.01 loss per share) in Q4 2021 versus earnings attributable to shareholders of $3.0 million ($0.03 earnings per share) in Q4 2020. The Q4 2021 net loss was largely attributable to the foreign exchange loss due to the depreciation of the South African Rand relative to the U.S. Dollar in Q4 2021 while in Q4 2020, the Rand had strengthened. Net loss attributable to shareholders decreased to $1.2 million ($0.01 loss per share) in FY2021 compared to a loss of $8.0 million ($0.08 loss per share) in FY2020. The improvement during FY2021 is mainly attributable to the increased revenue and positive gross margins generated by remining and processing the Company's tailings resources at the Crocodile River Mine (\"CRM\") to produce chrom...